Mattel and producers Walter F Parkes, Laurie MacDonald and Amy Pascal have teamed up for the project, which is aimed at putting a contemporary spin on beauty, feminism and identity, according to The Hollywood Reporter.
Sony had hired three scribes to pen separate screenplays, with the studio picking Hilary Winston's idea and script. Schumer is expected to rewrite the script with her sister, Kim Caramele.
A search for a director is still on.
Barbie doll, launched in March 1959 by El Segundo, California-based Mattel, is one of the biggest toy brands in the world.
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