The 44-year-old actor is eyeing Patrick Swayze's role in the reworking of the 1991 Kathryn Bigelow-directed film, according to the Hollywood Reporter.
As in the original, the film will centre around an FBI agent who infiltrates a criminal ring hidden inside the world of Southern California extreme sports.
Butler will take on Swayze's Bodhi, who seeks nirvana by living on the edge, and is responsible for inducting the undercover agent Johnny Utah into the criminal circle.
'The Fast and the Furious' and 'Daredevil' cinematographer Ericson Core will direct 'Point Break' from Kurt Wimmer's new script.
'Point Break' is yet to announce any other castings.