"The Lego Movie" makers, Animal Logic Entertainment, is producing the live-action/animation hybrid to be directed by Edgar Wright, reported Variety.
Bret McKenzie, is writing the script based on the children's book published in September, 2014.
Depp, 52, who was last seen in "Black Mass" essaying the role of Whitey Bulger, is expected to play the character of father from the book.
The story is told from the point of a view of a young boy and his sister, who listen as their father recounts the story of exactly what happened when he stepped out briefly to purchase some milk.