A pilot for this show was produced, but due to the lack of atmosphere, The WB didn't pick it up and the show went never into production.
The show was supposed to be about Angus MacGyver's twenty-something year old nephew who quits school and joins The Phoenix Foundation. He finds it difficult to follow in the shoes of his famous uncle.
This doesn't fit in well with the original MacGyver show, because Mac specifically states that he has no living relatives besides Harry and his son.
The young MacGyver, Clay, was played by Jared Padalecki, who plays Dean in the WB show "Gilmore Girls", a bully in "Cheaper by the Dozen", Tom in "Cry Wolf", and Trey in "New York Minute".
Info thanks to http://www.imdb.com.