Newcomer Gazzam wrote CryptoZoo, Riot and 21 Jump Street. Luketic will helm the movie, while producer Dino De Laurentiis is currently looking for a studio.
Luketic previously described the project as an "intergalactic adventure with a sexy twist".
The first Barbarella movie was released in 1968 and starred Jane Fonda. It was based on a French graphic magazine written by Jean-Claude Forest, which centered on a female mercenary who embarked on missions around the universe using her "ingenuity and sensuality".
The new film will apparently focus on the adventure aspect of the original rather than the "sexuality" and "seductions".