The director, who brought the first two Harry Potter books to life on the big screen, unveiled the news at the annual Comic-Con event in San Diego, California on Thursday (12Jul12).
Columbus will write and direct one of four stories which will make up the movie, while three other filmmakers - who are yet to be announced - will also contribute to the project.
Speaking at the convention, Columbus said, "I am thrilled to be immersed once again in the world of Creepy and (its sister publication) Eerie. They featured some of the most important comic book artists of the time and were incredibly influential in my desire to become a filmmaker. It is really exciting to have the opportunity to bring these unique tales to the screen and share them with today's audiences."
Creepy was published between 1964 and 1983, and featured graphics by renowned fantasy illustrator Frank Frazetta and Spider-man artist Steve Ditko.
The film will be produced by Columbus' 1492 company.