The eight-part mini series will be produced by Brazilian filmmaker Gullane in partnership with the Senna family, which has granted "unprecedented access" for the project.
The series will look to show "the intimacy of the man who became a national hero and conquered the world", and is "an invitation to explore the personality and family relationships of the three-time Formula 1 champion".
It follows the success of the Senna film, released in 2010, and Netflix's own Drive to Survive Formula 1 series that is currently filming its third season in 2020.
The series will start with Senna's move to the UK in 1981 to race in the Formula Ford 1600 championship, and conclude with the accident that claimed his life at the 1994 San Marino Grand Prix.
An array of international locations will be used for the new Senna mini-series, including sets such as the house where Senna grew up in Sao Paulo state, thanks to the family's involvement.
"It is very special to be able to announce that we will tell the story that only a few people know about him," said Viviane Senna, Ayrton's sister.
"The Senna family is committed in making this project something totally unique and unprecedented. And no one better than Netflix, that has a global reach, to be our partner."
"Senna started his journey in Sao Paulo and conquered the world, we are honoured to take his inspiring journey to all his fans, wherever they are," said Maria Angela de Jesus, director of original international productions at Netflix in Brazil.
"Ayrton Senna has a legacy that spans generations and boundaries and Netflix is proud to take this new look at the man behind the driver to subscribers in more than 190 countries."
The Gullane brothers behind the production house said that Senna is "the type of person we need, a young man that fought for his dream and faced many obstacles in order to represent a nation".
The series will be shot in both English and Brazilian Portuguese, and is scheduled for release in 2022.