The director was previously thought to have left the project to work on a film version of Pride and Prejudice and Zombies.
However, Russell has now turned down the zombie mashup and signed up to write and direct Nathan Drake's cinematic debut, according to The Hollywood Reporter.
First announced by Doug Belgrad and Matt Tolmach, the film will be produced by Avi Arad, Charles Roven and Alex Gartner.
"David is a tremendous choice to take on this film," said Tolmach. "He's equally adept at combining all the classic elements involved in this property: great character development, strong comedy and amazing action sequences.
"He has a brilliant vision for this material and we know he will bring his original, unique voice to this adaptation."
Uncharted: Drake's Fortune is currently slated for 2013.