According to a Tweet from director James Gunn (Guardians of the Galaxy, The Suicide Squad, Slither), he has been in contact with David Hasselhoff on multiple occasions about doing a Knight Rider sequel series.
But with multiple Guardians of the Galaxy projects for Marvel/Disney in production, a second season of Peacemaker as well as a second The Suicide Squad spinoff series for HBO Max in the pipeline, it's unlikely James Gunn will have time to make the series soon, if ever.
Slash Film and Screen Rant both wrote news stories about the Tweet.