The Dreamworks Animation production centres on an ambitious garden snail named Turbo who dreams of becoming a racing champion.
A freak accident allows Turbo to pursue his dream.
According to Variety, voice actor David Soren is attached to direct the project from a script by Jack the Giant Killer screenwriter Darren Lemke.
Reynolds, who is rumoured to be dating German model Agnes Fischer after filing for divorce from Scarlett Johansson, will next be seen in The Green Lantern, opening this June.
Watch the official trailer for The Green Lantern below: