The story will follow pick-pocketing partners Oliver Twist and the Artful Dodger, 20 years after their exploits in Charles Dickens' novel.
The pair, who are on opposite sides of the law, will see themselves "embroiled in an affair to steal the Crown Jewels", according to trade paper the Hollywood Reporter.
Sony is developing the project.
Cole Haddon, creator of NBC's forthcoming Dracula series, starring Jonathan Rhys Meyers, is writing the script but no detail has been given about production dates or casting.
The Hollywood Reporter reported the film is being "fast-tracked", as it is considered a "favourite" of the production team.
Oliver Twist has been been adapted several times for theatre, television and film, including the six-times Oscar-winning 1968 movie, based on the stage musical Oliver!
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