Penn's credits include The X-Men and The Incredible Hulk. He is also currently working on an Avengers adaptation.
The original myth describes the Argonauts as a group of heroic sailors who accompanied Jason on his quest to find the Golden Fleece. The Argonauts will be Penn's take on the famous Greek tale, reports Variety.
Previous big screen adaptations include 1963's Jason And The Argonauts.
Alien Vs Predator's John Davis will produce.