"X-Men: First Class" writers Ashley Miller and Zack Stentz have penned the script for the film, which is about a team of teenagers, who are infused with unique superpowers but must harness and use them as a group if they have any hope of saving the world, said The Hollywood Reporter.
"Power Rangers" was a '90s TV series and global marketing franchise, initially called "The Mighty Morphin Power Rangers" that used footage from a Japanese children's show.
It first aired on Fox Kids then in the 2000s on Disney-owned channels. A movie also hit theatres in 1995.
Also producing is Allison Shearmur, who oversaw "The Hunger Games" when she was Lionsgate's president of production and recently produced Disney's "Cinderella".