Gilligan, who will serve as a producer along with Mark Johnson, and may also direct it, reported Deadline.
Thomas Schnauz, who has won two Emmys writing for Gillian's hit TV show and its spin-off "Better Call Saul", is tapped to pen the script.
The classic tale was most recently turned into a movie by Warner Bros in "Jack the Giant Slayer".
It was directed by Bryan Singer and led by Nicholas Hoult.Jack later popped up in Disney's "Into the Woods" with Daniel Huttlestone playing the character.
They join "Alice in Wonderland", "Maleficent", and "Cinderella" which all have been released.
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