The director - whose credits include Sahara and The Crazies - has entered negotiations to join the project, according to The Hollywood Reporter.
The film is currently in development at Relativity Media in association with Hasbro, who are manufacturers of the Stretch Armstrong toys.
Stretch Armstrong's screenplay will be written by Dean Georgaris, who is known for work on titles including Denzel Washington's The Manchurian Candidate, Tristan + Isolde and Paycheque.
The Stretch Armstrong movie started out as a joint project between Hasbro and Universal Pictures, with Twilight's Taylor Lautner originally earmarked for the title role. However, Universal departed the project, leading to Relativity picking it up in January 2012.
It is thought that the new studio is keen to develop Stretch Armstrong as a realistic, action-based family movie.
Stretch Armstrong has been given a provisional release date of April 11, 2014.