An adaptation of the classic comic strip, the film is set up at Warner Bros, said The Hollywood Reporter.
Etan Cohen, who made his directorial debut with "Get Hard," is attached to helm the film.
The project is in early development with the script still to be written.
Warners picked up the rights to the character in 2012.
Created as a newspaper comic strip by Lee Falk in 1934, Mandrake told of the adventures of an illusionist who had the power to hypnotize his foes at great speed. Mandrake also had a twin brother who used his power for evil instead of good.