Apparently yes – though with a black lead actress.
A reboot of Buffy the Vampire Slayer is the latest old WB series to be rebooted following Charmed and Roswell already resurrected last season. The show is in development with original creator Joss Whedon serving as executive producer and Monica Owusu-Breen (Midnight, Texas and writer of Agents of SHIELD) service as producer, writer and showrunner.
Buffy is going to look a bit different this time out with a yet unnamed black lead actress in the role.
The original of course starred Sarah Michelle Gellar as the little blonde girl who could kick major vampire (and demon) ass every week for seven seasons.
As the original series ended with the creation of hundreds of vampire slayers around the world instead of the traditional 1 in each generation, I personally would prefer to see the new series follow a different slayer and not recast/reboot Buffy Summers. That would also allow for potential cameos of the original cast. From the sounds of things so far though, this isn’t going to be the case.