The Paranormal Activity director's horror project will be produced by Alcon Entertainment for a Memorial Day weekend release.
Brad Parker will direct Chernobyl Diaries with Peli and Brian Witten producing. Alcon's Broderick Johnson and Andrew Kosove will executive produce, and FilmNation Entertainment will finance the film.
Chernobyl Diaries, scripted by Peli, takes place in the city of Prypiat, which was abandoned following the infamous accident at Chernobyl's nuclear plant. It follows a group of friends who become stranded in the ghost town, and soon realise that they are not alone there.
"Alcon is thrilled to have acquired this unique, thoughtful and very frightening film. The content is all the more terrifying given that it's based on reality," said Kosove and Johnson.
Chernobyl Diaries will go up against Men in Black 3 and Wes Anderson's Moonrise Kingdom on the Memorial Day weekend.
Watch a trailer for Oren Peli's Paranormal Activity below: