The action-adventure film will be the first released under Universal and Hasbro's six-year partnership. It is slated to hit theaters April 15, 2011.
The companies also announced Oscar winner Brian Grazer will produce the film, which is being penned by "Bruce Almighty" and "Evan Almighty" scribe Steve Oedekerk. Hasbro's Brian Goldner and Bennett Schneir will also produce "Stretch."
"Stretch Armstrong is an iconic toy that kids around the world enjoyed stretching up to 4 feet before returning to his original shape," the companies said in a news release. "Through the years, the product line stretched into a wide range of toys and supporting characters that built upon the Stretch Armstrong legacy by allowing kids to 'stretch their imaginations' with play experiences unique to the inventive Stretch Armstrong brand."
"When Hasbro signed the multiyear strategic partnership with Universal, it was one more powerful example of our commitment to re-imagine, re-invent and re-ignite our incredible brands beyond traditional toys and games," Brian Goldner, Hasbro's president and chief executive officer, said in a statement. "We are excited that together with Universal, Brian Grazer and Steve Oedekerk, that we can take Stretch Armstrong to new heights as Hasbro's latest great action-hero franchise."