The True Romance director will be directing from a script by LA Confidential writer Brian Helgeland, according to Deadline.
Ocean's Eleven producer Jerry Weintraub is to produce the updated version of the 1969 classic.
Peckinpah's The Wild Bunch followed an outlaw gang who are forced to adapt to the modern world on the Texas-Mexico border in 1913.
The film's cast included Ernest Borgnine, William Holden, Ben Johnson and Warren Oates.
Scott is currently committed to several projects, including the sequel to his hit film Top Gun.
In November, he hinted that the film would be about the changing culture of the air force since the 1980s, when he made the original with Tom Cruise.
The director's next project is expected to be Hell's Angels, with Scott reportedly targeting True Grit star Jeff Bridges for the lead.
Watch the trailer for the original Wild Bunch below: