RKO Pictures has commissioned Eagle Eye writer Travis Wright to produce a new script based on the long-running franchise, reports Variety.
The best known portrayal of the character was by Roger Moore in the 1960s television series.
The Saint was also adapted into the 1997 Phillip Noyce-directed movie starring Val Kilmer.
The franchise features Simon Templar, a Robin Hood-like figure who punishes corrupt politicians and businessmen.
The original TV series aired on ITV between 1962 and 1969. It was followed in the late '70s by a short-lived sequel Return of the Saint, starring Ian Ogilvy as Templar.
The character first debuted in Leslie Charteris's novel Enter the Tiger, which spawned a long-running series of books.
RKO owns the rights to several films based on The Saint, including 1938's The Saint in New York and its follow-ups.
Travis has previously been reported to be working on the long-awaited Blade Runner 2.
Watch the original black and white opening credits to The Saint below: