The movie is based on Mattel's Masters Of The Universe cartoon and toy line. It will follow soldier Prince Adam, who later becomes He-Man, as he battles Skeletor in the world of Eternia.
The character was previously turned into a 1987 feature film starring Dolph Lundgren and Frank Langella.
Kung Fu Panda's John Stevenson will direct the fantasy epic with Joel Silver acting as a producer. Justin Marks previously drafted a script for Warner Bros.