Heyman will team up with UK distributor Studio Canal and Bunny and the Bull director Paul King for the live-action/CGI-animated adaptation of Michael Bond's best-selling children's books.
The story, described as "a modern take" on the character, will see the marmalade-loving bear from Peru arrive at London's Paddington station and get taken in by an English family.
Heyman said of his planned movie adaptation: "Paddington Bear is a universally loved character, treasured for his optimism, his sense of fair play, and his perfect manners - and of course for his unintentional talent for comic chaos.
"Michael Bond's books offer such wit and wonder, and I am so delighted at this chance to bring Paddington to the big screen."
Since the publication of A Bear Called Paddington in 1958, Bond's books have sold more than 35 million copies across the globe and been translated into 40 different languages.
Paddington Bear has also appeared in several TV series, including the '70s BBC show Paddington and the Hanna-Barbera-produced version from the late '80s featuring the voices of Charlie Adler and Tim Curry.
Watch a video clip from 1975's Paddington below: