The toys and the cartoon "He-Man and the Masters of the Universe" series followed He-Man, a prince who transforms into a warrior and becomes the last hope for a magical world that has been ravaged by the sinister Skeletor.
The property was previously adapted for the big screen in 1987 with Dolph Lundgren as He-Man and Frank Langella as Skeletor.
Attempts have been made over the years to revive it, but the film picked up steam thanks to a script by Alex Litvak and Mike Finch called "Grayskull" (that title can no longer be used).
Todd Black, Jason Blumenthal and Steve Tisch are producing the film.
Chu is in the middle of a 3D conversion on "G.I. Joe: Retaliation" ahead of some reshoots on that film due out in March next year.
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