It's reported (via THR) that Joe and Anthony Russo, the directors of Avengers: Endgame and Infinity War, will produce the adaption while The Expendables' screenwriter Dave Callaham is to pen the script.
The DisInsider, who first reported the news, say that it's expected to be a theatrical release and include the original songs from the animated film.
Released in 1997, Hercules featured the voices of Tate Donovan, Danny DeVito, James Woods and Susan Egan with songs by Alan Menken and David Zippel.
It tells the story of son of Gods Hercules who is stripped of is immortality by Hades. In order to regain his godhood, he is forced to prove himself a hero using his godly strength.
Alongside a live action adaption, a stage version of Hercules is also in development.
With a book by Kristoffer Diaz, a premiere production took place at the open-air Delacorte Theater in New York's Central Park in 2019.
Featuring a number of new songs by Menken and Zippel alongside the numbers from the film, the musical has since been rumoured for a Broadway transfer.