The novella, first published in 1846, centres on the psychological struggle of a government clerk who believes a colleague has taken over his identity.
Ayoade is co-writing the script with Avi Korine and plans to direct the adaptation, moving the story to the present day.
Asked if he had any actors in mind for the lead roles, Ayoade quipped to Digital Spy: "I'm just going to cast Jedward."
Ayoade's big screen directorial debut Submarine, starring Craig Robert, Yasmin Paige and Paddy Considine, is released on Blu-ray and DVD today.
> Richard Ayoade on 'Submarine', Garth Marenghi and... Jedward
Watch the Submarine trailer below: