The original South Korean film was directed by Park Chan-wook, and won the 2004 Grand Jury Prize at the Cannes Film Festival.
Mark Protosevich has adapted the screenplay and will co-produce the film along with Roy Lee and Doug Davison.
The film deals with a man who is kidnapped at his daughter's birthday party and held in solitary confinement for 15 years with no explanation.
When released he embarks on a vengeance mission against those who ruined his life.
Will Smith and Steven Spielberg were attached to a remake of the film, but the project had stalled by 2009.
Watch the trailer for the original Oldboy below: