20th Century Fox picked up the project last year with John Davis and King Features producing, and the script being written by "Star Trek 3" writers John D Payne and Patrick McKay, said The Hollywood Reporter.
Vaughn, 44, has previously worked on some Hollywood superhero movies like 2010's "Kick Ass" and 2011's "X-Men: First Class".
The producer-turned-director most recently directed his most successful movie to date "Kingsman: The Secret Service" starring Colin Firth and Samuel L Jackson which has reportedly grossed USD 392 million worldwide.
The story has spawned movies, last seen in a 1980 flick starring Sam Jones, and TV series with the latest adaptations running on Sci-Fi Channel from 2007 to 2008.