The Twilight saga star will play the classic pulp hero in the CG motion capture film, reports Deadline.
Resident Evil actress Spencer Locke is in talks to star alongside him as Jane, with Reinhard Klooss (Animals United) directing.
Lutz was recently seen in Immortals and will reprise his role later this year in Twilight: Breaking Dawn - Part Two, the final instalment in the series.
Tarzan was created by Edgar Rice Burroughs in 1912. The writer's other famous character John Carter of Mars recently made the jump to the big screen in the Disney movie adaptation.
The Tarzan script was written by Jessica Postigo, Yoni Brenner (Ice Age: Dawn of the Dinosaurs) and Klooss.