Monsters vs. Aliens director Rob Letterman is helming the picture, starring Taylor Lautner.
The movie is based on the popular Hasbro Action figure from the 1970s and 1980s. Lautner is to play the title role.
Stoller is reportedly working on a rewrite of the original screenplay by Steve Odekerk.
Stretch Armstrong is scheduled to arrive in the US on April 15, 2011.