Wanted 2 writer Evan Spiliotopoulos is in talks with the studio to pen a screenplay for the project, The Wrap reports.
Released in 1985, the original Young Sherlock Holmes followed teenage versions of Sherlock Holmes and John Watson, who meet while at boarding school together and stumble upon a series of murders.
Barry Levinson directed the movie, with Steven Spielberg and Frank Marshall serving as executive producers. Chris Columbus, who has a writing credit on the original film, will act as a producer on the remake.
Meanwhile, Jude Law recently confirmed that a script is in development for a third entry in Warner Bros' Robert Downey Jr-fronted Sherlock Holmes movie series.
The Young Sherlock Holmes remake is yet to hire a cast and director.