Based on a Japanese anime TV series, the film will follow the adventures of a group of bounty hunters travelling through space in 2071.
According to The Hollywood Reporter, Reeves would star as bounty hunter Spike Spiegel, a former member of a crime syndicate. Alongside Jet Black, Spiegel pilots the spaceship Bebop through the universe.
The script will be penned by Peter Craig, but no director has been announced yet.
Bebop first aired on TV Tokyo in 1998 and is considered to be one of the best anime series ever made.