The horror studio has snapped up Ian Fried's screenplay for the proposed film, which made the industry's 2011 'Black List' of best unproduced scripts.
Gaslight sees the notorious London serial killer aiding a mass murder investigation, in which each victim was found with dual puncture wounds on their neck, according to The Hollywood Reporter.
"Secretly imprisoned in a London insane asylum, the infamous Jack the Ripper helps Scotland Yard investigators solve a series of grisly murders whose victims all share one thing in common: dual puncture wounds to the neck," reads the project's synopsis.
The mention of dual puncture wounds suggests the involvement of vampires. Hammer CEO Simon Oakes previously told Digital Spy that the studio has plans for a new Dracula movie.
Hammer's latest offering The Woman in Black - starring Harry Potter's Daniel Radcliffe - is out in the US now and debuts in UK cinemas on February 10.
Watch Daniel Radcliffe discuss The Woman in Black with Digital Spy below: