Elba, 41, is expected to play a Merlin-esque figure who trains and mentors Arthur, reported Variety.
Joby Harold has penned the script and is producing with Akiva Goldsman and Tory Tunnell.
The film is set to release on July 22, 2016.
Ritchie has apparently been meeting with actors over the past few months for the film.
The most recent 'King Arthur' adaptation was a 2004 version starring Clive Owen and Keira Knightley.
Elba would be next seen in 'No Good Deed' opposite Taraji P Henson and 'The Gunman' alongside Sean Penn. He will also voice Shere Khan in Disney's 'The Jungle Book' adaptation.
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