Comedian Jenny Slate is on board to provide a screenplay for the project, according to The Hollywood Reporter.
Specific details of the film are yet to emerge, but the report claims that it will blend CGI and live action in a fashion similar to that of the characters' previous outings in Space Jam and Looney Tunes: Back in Action.
The first Looney Tunes theatrical short debuted more than 80 years ago, with its popular characters including Bugs Bunny, Daffy Duck and Porky Pig going on to achieve iconic status.
More recently, these characters have featured in CGI shorts attached to cinematic releases. Daffy's Rhapsody was attached to Journey 2: The Mysterious Island when it hit theatres earlier this year.
Reports back in 2010 claimed that Warner Bros was planning a Bugs Bunny movie that would blend CGI and live action, but it is not known whether this is the same project or a new venture.
Watch a trailer for Space Jam below: