Best known for her work on "Buffy the Vampire Slayer"
Graham King is developing the film and will produce through his GK Films banner.
King and MGM have been trying for some time to get the project off the ground given the genre’s strong fanbase.
Angelina Jolie starred in two installments and while the original did well enough for Paramount to greenlight a sequel, the second disappointed and did not make enough to complete the trilogy.
King picked up the rights after Paramount let them expire and took the project to MGM. The most recent videogame installment, released this year, sold more than 3 million units and features a younger Lara Croft.
She also adapted “The Glass Castle” for Lionsgate with Jennifer Lawrence attached and most recently has done a production rewrite on the Fox Animation pic “The Anubis Tapestry.”