Marvel Studios is likely to unveil the film for a 2014 release at San Diego Comic-Con International in July, a source has told The Hollywood Reporter.
The film - based on Dan Abnett and Andy Lanning's iteration of the team of cosmic superheroes - is said to be the one that best fits with the company's vision for its movies.
Nicole Perlman is said to have written a well-regarded script. She has previously developed screenplays for Thor, Challenger and an untitled Neil Armstrong biopic.
Speculation as to Marvel's next franchise to debut after Iron Man 3, Captain America 2 and Thor 2 has been mounting.
Guardians of the Galaxy has been at the forefront of rumours alongside Black Panther and Edgar Wright's long-awaited Ant-Man adaptation.
A test reel for the latter is reported to have recently been produced.
Marvel is claimed to have filed 11 trademarks for Guardians of the Galaxy merchandise.