According to Heat Vision, the studio has tasked Spread writer Jason Dean Hall to pen the film's script, while Justin Springer has been brought on board to produce.
The toboggan-themed ride first opened in 1959 and was inspired by Walt Disney's trip to visit the Matterhorn mountain in Switzerland.
The film adaptation will allegedly follow five young thrillseekers who climb to the top of the fabled mountain, only to encounter dangerous yetis on their journey back down.
Jon Favreau is currently developing a Michael Chabon-penned film called The Magic Kingdom, which will be set entirely inside the iconic theme park.
Disney previously adapted its Pirates of the Caribbean ride into a film franchise, which has gone on to gross around $3.7 billion worldwide over the course of four movies.
Watch the trailer for Pirates of the Caribbean: On Stranger Tides below: