The Black Swan director is to work from a script by The Fountain writer Ari Handel and Gladiator screenwriter John Logan. Paramount Pictures and New Regency Productions are behind the project.
Aronofsky said: "Since I was a kid, I have been moved and inspired by the story of Noah and his family's journey.
"The imaginations of countless generations have sparked to this epic story of faith. It's my hope that I can present a window into Noah's passion and perseverance for the silver screen."
Speaking to The Guardian in 2007, the director revealed: "Noah was the first person to plant vineyards and drink wine and get drunk. It's there in the Bible - it was one of the first things he did when he reached land.
"There was some real survivor's guilt going on there. He's a dark, complicated character."
The Biblical project has been on the cards since 2006, with Aronofsky telling Chud that he had wanted to make the epic before he made his breakthrough film Pi.
Aronofsky has apparently been working on the comic book version of Noah since he was 13 years old.
Noah, which has an estimated budget of $130 million (£84.4 million), is expected to go into production next year.
Watch the trailer for Aronofsky's Black Swan below: