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The actor is in final talks with Sony and Hasbro to star in and have his Happy Madison Productions produce a movie based on the board game.
Lima remains attached to direct the movie, but Sandler and Robert Smigel are in talks to write it.
Universal has been ditching its Hasbro movies lately.
On Monday, Relativity Media said it, rather than Universal, would be making "Stretch Armstrong." And in 2011, Universal paid Hasbro $5 million to get out of its agreement to make "Ouija." In 2010, the studio scrapped plans for a screen remake of the popular board game "Clue,"
In a statement, Columbia Pictures President Doug Belgrad called "Candy Land" more than just a game — "it is a brand that children, parents and grandparents know and love." He said that it offers a larger than life part for Sandler.
Candy Land, created in 1949, is a game for young children. In it, players make their way through the Peppermint Forest, the Gum Drop Mountains and the Lollypop Woods. As they do, they encounter Princess Frostine, Lord Licorice, Mr. Mint and King Candy.
Hasbro's president and CEO, Brian Goldner, is producing, along with the company's senior VP and managing director of motion pictures, Bennett Schneir, and Happy Madison Productions.