Fox Chairmen Jim Gianopulos and Tom Rothman and DreamWorks partners Stacey Snider and Spielberg announced the project -- which marks one of the first new initiatives from the reconstituted DreamWorks -- on Sunday.
Jonathan Tropper, a novelist, will write his first screenplay, creating a contemporary adaptation of Mary Chase's Pulitzer Prize-winning play about a man and his invisible, giant rabbit.
The first big-screen adaptation in 1950 was a Universal film.
Spielberg and Don Gregory will produce.
Distribution rights are yet to be determined. DreamWorks will finance 50% of the production through its new funding relationship with Reliance and distribute either domestically or internationally through its arrangement with Disney.
As The Wrap notes, the announcement also signals that DreamWorks is close to finalizing some of the funding that it has been awaiting from a consortium of U.S. banks and the Indian media conglomerate, Reliance ADA Group.
An executive close to the deal told TW the funding would be done "within days."
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