If the project moves forward, Justin Springer will produce with Leto, reported Variety.
No writer has been hired yet.
"Tron 3" has been in development as a sequel to 2010's "Tron: Legacy," which was directed by Joseph Kosinski.
"Tron: Legacy" was a sequel to the 1982 movie "Tron," starring Jeff Bridges and Bruce Boxleitner inside a computer world. Garrett Hedlund portrayed the son of Bridges' character in "Legacy," while Olivia Wilde portrayed a humanized algorithm.