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Rex Features
The project, which is the first in the futuristic crime franchise since 1993, will be written by Road To Perdition's David Self.
According to The Hollywood Reporter, MGM will release the film in 2010.
Paul Verhoeven's original Robocop, which was released in 1987, spawned two sequels, a TV series and several video games.
The original told the story of a mortally wounded cop who returned to a crime-filled Detroit as a tough-talking cyborg.
MGM is also currently considering remakes of Red Dawn, Fame, Poltergeist and Death Wish.
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