The story about a boy who finds he can communicate with the dead via cellphone is part of King's If It Bleeds collection, which was published this year.
No casting has been announced for the screen version.
King's creepy tales have become the basis of numerous movies, TV shows and remakes in recent years. Among the most popular have been Doctor Sleep, It, Mr. Mercedes, The Outsider and Castle Rock.
Led by Jason Blum, Blumhouse is a production company that specializes in horror films such as The Invisible Man, Get Out and Halloween.