The film will be produced by Brian Grazer (who produced films such as Apollo 13 and a Beautiful Mind, among others) and Imagine Entertainment and has been pencilled in for a release on April 15th 2011, making it the first movie to be given the green light under the studio and toy company's six-year strategic partnership.
Steve Oedekerk ("Bruce Almighty") is writing the screenplay for the action adventure based on the 1970s Kenner toy.
Hasbro's Brian Goldner and Bennett Schneir also will produce.
"(Stretch is) an unconventional kind of superhero with a power that no one would want," Grazer said. "It's a story about a guy stretching, if you will, the limits of what is possible to become all that he can be."