Serkis, known for his acting, had originally acquired the rights to Animal Farm in 2012. It marks the second film Serkis will be stepping behind the camera for following his darker take on The Jungle Book with Mowgli, another film Netflix recently acquired.
Reeves, also a director, previously worked with Serkis on Dawn of the Planet of the Apes and War for the Planet of the Apes where Serkis provided a motion-capture performance for lead character Caesar.
Animal Farm tells the story of farm animals who rebel against their human owners. The novel is an allegory about the issues that led to the Russian Revolution.
"We are incredibly excited to have finally found the perfect creative home in Netflix for this extraordinarily zeitgeist work by George Orwell," Serkis said in a statement. "On top of that, to be re-united with my great friend Matt Reeves - with his acute sensitivity, storytelling intelligence and honesty and command in this realm - is to have the very best scenario for our long-held passion to bring this fable alive."
No release date for Animal Farm has been set. Netflix will release Mowgli in 2019.