Shankman will direct and executive produce the film that is written by Tristine Skyler. Jennifer Gibgot will join as co-executive producer.
The iconic musical role has drawn such names as Ethel Merman, Angela Lansbury, Rosalind Russell, Tyne Daly, Linda Lavin, Betty Buckley, Bette Midler, Bernadette Peters and Patti LuPone. In recent years Barbra Streisand has also been reported to be working on a film remake of Gypsy, with the intent to star as Rose.
Casting and a production timeline have not been announced.