The film reboot is based on the 1990s Fox TV series, reported Digital Spy.
'Power Rangers' follows a group of ordinary high school kids who acquire extraterrestrial powers and save the world.
'X-Men: First Class' writer Ashley Miller will work on the script alongside Zack Stentz.
Roberto Orci, Haim Saban, Brian Casentini and Allison Shearmur are all on board to produce the film.
It was announced in late July that the original cast members of 'Power Rangers' could make cameo appearances. The picture will share the same release date as Warner Bros' 'King Arthur'.
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