According to the resource, the project is currently at the stage of preparing to work on the pilot episode. Sarah Michelle Gellar is expected to return to her role as Buffy Summers, although she will have a minor role in the reboot, while a new actress will play the new vampire slayer (it is not yet known who exactly).
The pilot is directed by Chloe Zhao (Nomad Land, The Eternals), who, according to her, is a big fan of the original show, and written by sisters Nora and Leela Zuckerman. All of them, along with Gellar, will also become executive producers of the series. Buffy creator Joss Whedon is not involved in the reboot.
Deadline claims that Hulu will soon launch a workspace for screenwriters, which also indicates seriousness of intentions.