Tentatively titled "The Three Little Stooges", the film will follow the trio as 12-year-olds.
According to Deadline, it won't be an origin story but rather an "original tale for family audiences" with the plan to build a new franchise around it.
"The Three Stooges are iconic and on the level of such global comedy brands like Police Academy, Pink Panther and Mr. Bean," The Exchange CEO Brian O'Shea said in a statement.
"Deuce Bigalow: Male Gigolo" helmer Harris Goldberg will be directing from a script he wrote himself.
A nationwide search is on to find young actors to portray the trio. Production is scheduled to begin this summer in Vancouver and the project will be presented to international distributors at the Berlin Film Festival this month.