The paper said the "DodgeBall" star would star as Racer X -- the long-lost brother of the title character.
The project is being produced for Warner Bros. by Joel Silver ("The Matrix") and Richard and Lauren Shuler Donner. Vaughn will also serve as an executive producer.
"Speed Racer" has had a series of false starts in the past -- with such directors as Alfonso Cuaron, Julien Temple, Gus Van Sant and Hype Williams preparing at various times to take it to the starting line.
Variety said Vaughn revived the project with a pitch that focused more on character and family than on big-budget effects.
"I've been a fan of the show since I was a kid and I always liked the theme of the protective older brother who can't reveal his identity," Vaughn said.