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© Rex Features / Everett Collection
According to Variety, Legendary Pictures has picked up the monster franchise with co-financing from Warner Bros. They have obtained rights to the iconic character from Japan's Toho Co, which is responsible for over 25 Godzilla films.
The studio is expected to announce a director soon.
"Godzilla is one of the world's most powerful pop culture icons, and we at Legendary are thrilled to be able to create a modern epic based on this long-loved Toho franchise," said Thomas Tull, chairman and CEO of Legendary.
"Our plans are to produce the Godzilla that we, as fans, would want to see. We intend to do justice to those essential elements that have allowed this character to remain as pop culturally relevant for as long as it has."
Legendary's previous productions with Warner have included The Dark Knight, 300 and The Hangover.
Speculation about a Godzilla reboot has been circulating since last August.
More: Legendary Pictures, Movies
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