The Weinstein Company announced the project to bring the furry little owl to life during the studio's presentation at the recent American Film Market, reported Ace Showbiz.
The little robotic animal is heading to the big screen in a live-action and CGI hybrid.
"We think that this can resonate as a four-quadrant film. It can't just by a 90-minute commercial," Hasbro's executive Stephen Davis said.
No director and actors are attached to the project, but Bob Weinstein said, "In the past, I was producing and releasing between seven and eight films a year and the quality suffered. Going forward, I decided on bringing my productions to three or four year at the most.