The film will be produced and developed by executives from Hasbro and Will Smith's Overbrook Entertainment company.
Risk was invented in 1957 by French filmmaker Albert Lamorisse under the title La Conquete du Monde (The Conquest of the World). Two years later, Parker Brothers published the game in the US as Risk.
Hasbro also has a deal with Universal Pictures for up to four movies with titles such as Battleship currently in development.
Columbia president Doug Belgrad commented:"The strategic thinking and the tactical gambles that players must take in the game are what make Risk a classic, thoroughly engaging game.
"Those elements translated into an action-packed, thrilling story are what will make this a uniquely exciting movie."