The show will follow the 1984 film, but will be going in a completely different direction. The same is expected for the upcoming trilogy, but no plot details have surfaced for that as of yet. The new trilogy and series stories will be intertwined , much like Marvel's S.H.I.E.L.D. and their films.
This isn't the first "Terminator" series that has been released; in 2008, Fox released "Terminator: The Sarah Connor Chronicles".
Arnold Schwarzenegger has signed on to star in the title role of the upcoming film, and casting for Sarah Connor is currently underway.