Studio bosses at 20th Century Fox have been working on the project for over two years and have now decided to move forward with The Hunger Games screenwriter.
The movie will be based on author Damon Runyon's short stories about the gangsters and gamblers of the 1920s and 1930s.
The original 1950 movie starred Marlon Brando, Jean Simmons and Frank Sinatra.
Earlier this year (13), Channing Tatum and Joseph Gordon-Levitt expressed interest in bringing the film back to the big screen, with the pair eager to take on lead roles.
Meanwhile, Baz Luhrmann, Vin Diesel, Russell Crowe and Hugh Jackman have all previously considered taking on the project.
Casting details for the new Guys and Dolls reboot have yet to be revealed.