David Fincher (Zodiac) will helm the project, which will consist of eight or nine individual segments with different directors.
The movie is expected to be R-rated and will include the erotic and violent storylines and images for which the magazine was known.
One segment will be directed by Fincher, with the publication's owner Kevin Eastman helming another. Tim Miller, whose Blur Studios will handle the animation, will oversee a third section.
It will be produced by Fincher, Eastman and Miller for Paramount, reports Variety.
The magazine, which was launched in the US in 1977, inspired an animated Canadian movie in 1981 and a sequel in 2000.
Fincher is also directing comic book adaptation Black Hole.