Chronicle director Josh Trank has been signed up for the film, with Kevin Misher on board as producer, according to Deadline.
A film adaptation of the cult classic PlayStation 2 title was rumoured back in 2009, with Misher again signed as the producer and Justin Marks writing the script. While Misher is still on the film, it seems Marks will no longer provide the script.
It is believed that candidates to write the screenplay are currently being interviewed.
Shadow of the Colossus tells the story of a boy and his horse who travel across a vast deserted landscape to defeat giant colossi in hopes of saving the life of a young woman. A film adaptation may prove interesting as the game is often praised by critics for its ambient storytelling through environmental interactions, rather than dialogue and a cast of characters.
Trank's schedule has become increasingly busy as he has been connected with film adaptations for Fantastic Four, Red Star and Spider-Man spinoff Venom.
Shadow of the Colossus was re-released on PlayStation 3 last year with enhanced HD visuals as part of the ICO & Shadow of the Colossus Collection.
Watch the trailer for the Shadow of the Colossus game below: