The Hollywood Reporter said the studio picked up the cinematic rights to the James A. Owen novel, which is set to be released by Simon & Schuster, and plans to have producers David Heyman and David Goyer head up the studio's attempt to cash in on the growing fantasy film market.
Goyer said that "Dragons" will likely set itself apart from the glut of fantasy films currently in production by its focus on the fictional adventures of legendary authors J.R.R. Tolkien, Charles Williams and C.S. Lewis.
"What sets it apart is that there's a real quid pro quo between our world and their world and how events in the other world shape events our world," said Goyer.
"In this world, each island is a different fantasy world -- it's the mother lode of all that fantasy," he added. "And we get to have fun to see how Tolkien and Lewis got their inspiration."
The paper said that Owen plans on creating six related books over the next few years with each novel tentatively scheduled for an October release.