Additionally, Roberto Orci, one of the screenwriters behind the Transformers and Star Trek movies, is coming on board as an exec producer.

Orci who recently split with screenwriting partner Alex Kurtzman, has formed a new venture, Sneaky Shark.

Orci will develop the movie’s story along with Miller and Stentz, with the latter two handling screenwriting duties.

Power Rangers was a '90s TV series and global marketing franchise, initially called The Mighty Morphin Power Rangers, that used footage from a Japanese children’s show. It first aired on Fox Kids then in the 2000s on Disney-owned channels. A movie also hit theaters in 1995.

The new movie promises to completely re-envision the Rangers, a group of high school kids who are infused with unique superpowers but must harness and use those powers as a team if they have any hope of saving the world.

Haim Saban, who created the franchise, will produce Power Rangers with Saban Brands’ head of development and production Brian Casentini. Also producing is Allison Shearmur, who oversaw The Hunger Games when she was Lionsgate’s president of production and recently produced Disney's Cinderella.

In addition to First Class, Miller and Stentz have screenwriting credit on Marvel’s Thor and are working on a Terminator TV series. They worked with Orci on Fringe, the cult TV show he created with Kurtzman.

In addition to three Transformers movies and two Trek films, Orci’s writing credits include Mission: Impossible III, The Amazing Spider-Man 2 and Cowboys & Aliens, among several others.

Orci is repped by CAA, Miller and Stentz by WME and Principato Young Entertainment.

Lionsgate Motion Picture Group co-president Erik Feig and executive vp production and development Jim Miller are overseeing Rangers.

Email: Borys.Kit@THR.com

Twitter: @borys_kit