The project will be developed at Warner Bros, Variety reported.
The announcement comes 36 years after Alice Walker's novel "The Color Purple" was published and won the Pulitzer Prize.
The new version is currently in early development with a cast, director and writers yet to be locked.
Directed and produced by Spielberg, the 1985 movie followed Whoopi Goldberg's Celie, a black Southern woman in the early 20th Century who is abused by her father and husband.
The musical, with a book by playwright Marsha Norman, opened on Broadway in 2005 and earned 11 Tony nominations.
The 2016 revival, starring Cynthia Erivo, won two Tonys, including best musical revival. Sanders produced the revival.
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