The site claims that the announcement was made by MGM CEO Gary Barber and GK Films founder Graham King yesterday. King will serve as producer on the film.
The actress set to play the lead role of Lara Croft hasn't been confirmed. Angelina Jolie played the character in the two most recent Hollywood adaptations, 2001's Lara Croft: Tomb Raider and 2003's Lara Croft Tomb Raider: The Cradle of Life.
Square Enix recently published a Tomb Raider reboot developed by Crystal Dynamics. The game features a young Lara Croft beginning her career as an adventuring archaeologist by seeking out the lost kingdom of Yamatai. The character was voiced by Greys Anatomy, Californication and CSI actress Camilla Luddington.
In a financial update this week, Square Enix described Tomb Raider sales as weaker than expected.