Richard Curtis is currently in talks to write the script for the film.
"The Little Mermaid" is based on the Hans Christian Andersen story of the same name, which focuses on a young mermaid who gives up life under the sea when she falls in love with a human prince. The film is not otherwise connected with the Disney film and stage musical of the same title.
Sofia Coppola, who was supposed to direct, exited the project due to creative differences.
Tim Bevan and Eric Fellner will produce the film. Liza Chasin and Amelia Granger will executive produce.
Additional casting has yet to be announced.