The 35-year-old actor will play about an immortal Scottish swordsman, who must confront the last of his opponents, a murderous brutal barbarian, reported Variety.
"28 Weeks Later" director Juan Carlos Fresnadillo is on-board to direct the remake.
The original movie starred Christopher Lambert and spawned several sequels and also a television show.
Reynolds is currently working on the animated movie "Turbo", about a garden snail, who dreams of becoming the fastest snail in the world.
Samuel L Jackson and Michelle Rodriguez are also lending their voices to the film.
A role in "Highlander" would also give Reynolds another chance to show off his sword-wielding skills, following his turn as Deadpool in "X Men Origins: Wolverine".
