Ghost Rider: Spirit of Vengeance co-director Brian Taylor has been asked to write and direct the film, according to Deadline.
The Amazing Spider-Man executive producer Avi Arad has also been signed to produce the film adaptation, along with his brother Ari.
The film will reportedly mark a first solo directing engagement for Taylor, who has collaborated frequently with Mark Neveldine since their 2006 breakthrough Crank.
The Twisted Metal movie will follow the story of the games, revolving around the underground vehicular combat tournament run by the sinister Calypso. Characters including Sweet Tooth and Dollface are believed to be appearing in the film.
Twisted Metal is Sony's long-running car combat series, launching in 1995 on the PlayStation.
The latest game in the series released today (February 14) in North America, with a European release following in March.
Watch a trailer for the Twisted Metal game below: