The film will be produced by Roy Lee ('The Ring') and his Vertigo Entertainment banner, said The Hollywood Reporter.
The move re-energises a project that has been dormant since at least 2010 when Fox last had the movie rights.
The book describe the gutsy story of an air gunner during World War II, who is shot down over Tokyo while on a bombing raid.
The man embarks on an intense and violent journey, physically and mentally, across hostile territory to return home alive by trekking to Alaska.
The intent is to start over development with either a writer or director. Jon Berg is overseeing for the studio. John Middleton will executive produce.