According to Deadline, director Rob Cohen has been tapped to helm the update, produced by Platinum Dunes heads Michael Bay, Brad Fuller and Andrew Form.
The original picture centred on a group of misfit children battling classic movie monsters Dracula, The Wolfman, The Gill Man and Frankenstein.
Cohen, who directed 2008's The Mummy: Tomb of the Dragon Emperor, executive produced the original Monster Squad.
Platinum Dunes is apparently meeting with writers to hash out a script for the project.
