The screenwriter - best known for work on titles including Denzel Washington's The Manchurian Candidate and Tristan + Isolde - will write the film, Variety reports.
Georgaris also wrote Paycheque and Lara Croft Tomb Raider: The Cradle of Life. He was an executive producer on What Happens in Vegas.
The Stretch Armstrong movie started out as a joint project between Hasbro, who make the toys, and Universal Pictures, with Twilight's Taylor Lautner originally tipped to star in the title role.
Nicholas Stoller (The Five-Year Engagement, Get Him to the Greek) was originally attached as screenwriter when the project was on Universal's development slate.
The film is now in development at Relativity Media, in association with Hasbro, and it is thought that the studio wants to develop the project as a realistic, action-based family movie.
Stretch Armstrong has been given a provisional release date of April 11, 2014.