In another role reversal, actress Jillian Bell will play the character originally played by Tom Hanks, according to The Hollywood Reporter.
Imagine Entertainment will produce along with Tatum, Reid Carolin and Peter Kieran via their Free Association banner. Anna Culp will executive produce.
The 1984 original movie starred Hanks as a man who as a young boy was saved from drowning by a mermaid (Hannah).
The mermaid returns 20 years later and finds the boy she once saved, and gives him the option between his life on land or a life under the sea with her.
Tatum, 36, and Bell, 32, previously worked together on "22 Jump Street".
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