Aaron Guzikowski, who wrote the Denis Villeneuve-directed thriller "Prisoners", has penned the new script, said The Hollywood Reporter.
Based on the memoir by French convict Henri Charriere, the original "Papillon" was directed by Franklin J Schaffner and starred McQueen as a petty criminal, who is wrongly convicted of murder and then plots his escape.
His nickname, Papillon, comes from the butterfly tattoo on his chest. Dustin Hoffman co-stars as a fellow inmate and friend.
Noer's previous directing credits include the claustrophobic prison drama "R" and the gritty gangland tale "Northwest".