Belle Avery will produce through her banner Atelles Entertainment, and Colin Wilson is producing the picture through Maedey Productions from a screenplay by Dean Georgaris based on the novel, reported Variety.
Gerald Molen and Randy Greenberg are executive producing. Gravity Pictures will co-finance the picture and distribute the film in China.
The book revolves around two men who band together to neutralize an ancient shark that's threatening the California coast.
The Megaladon, considered one of the largest and most powerful predators in history, can reach a maximum length of 60 feet.
Originally set up at Disney in 1997, "Meg" fell into limbo after Disney was unable to get it into production before another shark film, "Deep Blue Sea" hit theatres unsuccessfully.
