The announcement was made Wednesday by Power Rangers creator Haim Saban and Lionsgate Chief Executive Officer Jon Feltheimer.
No casting or release date for the film has been revealed yet, however.
The Power Rangers first appeared in a live-action television series more than 20 years ago. The brand has subsequently grown to include toys, apparel, costumes, video games, DVDs, comic books and other merchandise, noted a news release.
"Lionsgate is the perfect home for elevating our Power Rangers brand to the next level," Saban said in a statement. "They have the vision, marketing prowess and incredible track record in launching breakthrough hits from The Hunger Games to Twilight and Divergent. In partnership with the Lionsgate team, we're confident that we will capture the world of the Power Rangers and translate it into a unique and memorable motion-picture phenomenon with a legacy all its own."
"We're thrilled to be partnering with Haim Saban and his team to maximize the potential of this immensely successful and universally recognized franchise," said Feltheimer. "The Power Rangers stories and characters have been embraced by generations of audiences for more than 20 years, and today they are more powerful than ever. We have the ideal partner and the perfect brand with which to create a motion-picture event that will resonate with moviegoers around the world for years to come."