Screenwriter Billy Ray, of The Hunger Games, is working on adaptation of the celebrated novel, according to the Hollywood Reporter.
The film is set to be an action-packed adventure version of the undisputed Spanish classic first published in 1604 by Spain's most famous writer.
“Sources say the plan is to adapt the work in a tone the recalls the madcap and fastastical nature of Disney's Pirates of the Caribbean movies,” Hollywood Reporter said.
Although its author died penniless, the book has become one of the most influential novels ever published.
Don Quixote follows the trials and tribulations of its eponymous hero, a gentleman from La Mancha who is obsessed with chivalry. After reading many books on the subject, he is inspired to set off on an adventure with his faithful squire, Sancho Panza, and his horse, Rocinante.
The novel recounts the threesome's adventures as they travel around Spain in search of glory and adventure.
It's more than 1,000 pages have been republished in 145 languages, making it the most translated work after the bible.
But unlike works by William Shakespeare - who died on the same date, April 23rd, 1616 - which have been adapted countless times for the silver screen, a full feature film of Don Quixote has been notoriously difficult to bring to fruition.
In an absurd saga befitting a former member of the Monty Python team, Terry Gilliam has spent the last 18 years trying and failing to make a film adaptation of Don Quixote. Although he did manage to produce a documentary film charting the failure of the project - Lost in La Mancha.
Earlier this month Gilliam announced that his lastest attempt to get teh film made had once more been delayed because of lack of funding.