The film, which is expected to start production in 2013, follows Jonathan Harker, a tough London detective on the hunt for the ghoulish figure behind a string of gory murders, reported Sun online.
The script has been written by Lee Shipman and Brian McGreevy and the title role of Harker has yet to be cast.
"Once they figure out the story then they'll figure out who's right to play him. Eli Roth is in talks about directing the film, while the role of Harker is yet to be cast," a source said.
Russell will next star in "Noah", based on the epic biblical tale.
