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Shawn Levy (Night At The Museum) and Tom McNulty will produce the film through their 21 Laps Entertainment company.
Wheeler's book is based on a secret document signed by Abraham Lincoln called the Unique Lands and Species Act. Two shipwrecked brothers discover Lincoln's document and the lost mythical world, Cutlass Island, that it describes. The film will reportedly be similar in style to Harry Potter and Jurassic Park.
"This is a big, four-quadrant, family entertainment film, and I think it's something that is completely within the 21 Laps wheelhouse and the kind of films we want to make here," said McNulty.
Levy is currently working on sequel Night at the Museum 2: Escape From the Smithsonian, while Wheeler, who will write the screenplay for Cutlass Island, recently sold The Arcanum, a mystery script featuring Sir Arthur Conan Doyle, Harry Houdini and H.P. Lovecraft.
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