The film has been in development for a number of years, and will be directed by Steve Pink (Hot Tub Time Machine) and written by Daniel C Mitchell.
Industry blog It's On the Grid has claimed that Travolta is now attached to star in the project.
The cult comedy-horror is one of the most famous titles from Troma Studios, the production company founded by Lloyd Kaufman famous for its ultra-gory, ultra-low-budget exploitation.
The original film is the story of a teenage janitor who becomes a monstrous antihero after falling into a vat of toxic waste. As yet it is unclear as to what role Travolta would play in the new version.
He will next be seen in Mark Steven Johnson's Killing Season, and as the titular mob boss in Barry Levinson's Gotti: In the Shadow of My Father.