Gavin O'Connor will help explain how Peter Pan and Captain Hook became mortal enemies.
The film is an origin story concerning the characters made famous in J.M. Barrie's classic play and novel.
O'Connor earned raves for his mixed martial arts film "Warrior" and guided Nick Nolte to an Oscar nomination, even though the Lionsgate film was a box office flop.
He has also directed the Olympic hockey drama "Miracle" and the indie drama "Tumbleweeds," but this seems likely to be his biggest budgeted film to date.
Joe Roth and Palak Patel will produce the movie for Roth Films. Actor Channing Tatum and Reid Carolin will produce through Iron Horse.
Variety first reported that O'Connor was in talks for "Neverland."