The remake will be directed by Neil Marshall, reported Deadline.
"Stranger Things" actor David Harbour is set to play the titular hero.
Ian McShane has been roped in to play the hero's adoptive father, Professor Trevor Broom.
Larry Gordon and Lloyd Levin and Mike Richardson are the producers on the project.
Millennium Films and Lionsgate are making the film. Christa Campbell and Lati Grobman are also producing through Campbell Grobman Films.