The Crazies helmer has been in talks for the live-action superhero film for a month, and has now put pen to paper on a deal.
Stretch Armstrong is being developed in conjunction with toy manufacturer Hasbro, based on a screenplay by Manchurian Candidate scribe Dean Georgaris.
"This is a fantastic opportunity to create a world that is both fresh and exhilarating," said Eisner. "What really excites me is the chance to build a hero from the ground up."
"Their unique vision for creating the mythology for this story paired with their experience gives us the confidence that they are the perfect team to bring Stretch Armstrong to the big screen."
Stretch Armstrong is scheduled for release on April 11, 2014.