The film is currently without a director or writer but is part of the studio’s new classic monster universe initiative spearheaded by Alex Kurtzman and Chris Morgan.
Based on the classic H.G. Wells novel, the original 1933 film starred Claude Rains as the scientist who finds a way to become invisible for devious purposes.
The first film in this rebooted monster universe is “The Mummy,” which stars Tom Cruise and bows in June 2017.
Morgan and Kurtzman will now look to tap a writer to pen the reboot; no timetable has been set for production. Exec VP Jon Mone and VP Jay Polidoro will oversee production for Universal.
Depp can be seen next in “Alice Through the Looking Glass” and also has “Pirates of the Caribbean: Dead Men Tell No Tales” set to bow in summer 2017. He is also being courted to star in Paramount’s crime thriller “Triple Frontier.” He is repped by UTA.
The news was first reported by Deadline Hollywood.