The 'Kick-Ass 2' director will take on Sony Pictures' He-Man film, reported Digital Spy.
Wadlow was previously reported to be in the running for the Mattel adaptation.
Directors Mike Cahill ('Another Earth'), Chris McKay ('The Lego Movie' editor, 'Robot Chicken') and Harald Zwart ('The Mortal Instruments: City of Bones', the 'Karate Kid' reboot) were also said to have been up for the project.
'GI Joe: Retaliation's Jon M Chu had signed up for the project before abandoning it last year.
It is unclear how the film might affect Wadlow's involvement in 20th Century Fox's 'X-Force'.
No details of 'Masters of the Universe' plot have been revealed.
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