2001's "Lara Croft: Tomb Raider" was the first film in the original franchise, based on on the popular Tomb Raider video game series.
Angelina Jolie portrayed the protagonist Lara Croft, described as an intelligent and athletic English archaeologist-adventurer, who ventures into ancient, hazardous tombs and ruins around the world.
Its sequel, 2003's "Lara Croft Tomb Raider: The Cradle of Life", saw Jolie reprising her famous character.
Raider would be Uthaug's English-language debut.
Geneva Robertson-Dworet, who is co-writer on "Transformers 5", is in negotiations to write the screenplay, said The Hollywood Reporter.
Graham King of GK Films is producing the new movie, having picked up the rights from interactive entertainment company Square Enix, Japanese video game developer, in 2011.
Plot details remain to be unsealed, but the film will detail Croft's first adventure. Evan Daugherty, Marti Noxon and Mark Fergus and Hawk Ostby previously worked on the script.