Variety.com said Johnson will play the title character in the film, which is to be directed by Michael Lembeck.
Lembeck's screen credits include the second and third installments of "The Santa Clause" franchise.
Johnson, who starred in last year's family-friendly comedy "The Game Plan," will soon be seen in the big-screen re-makes "Get Smart" and "Witch Mountain."
He also has appeared in "The Scorpion King" and "Be Cool."
"The Tooth Fairy" is to begin shooting in August, Variety.com said.