Warner Bros and Will Smith have acquired the rights to Kazu Kibuishi's Amulet series.
The Princess and the Frog scribe Rob Edwards has been hired to write the script, reports Variety.
Smith is producing the films alongside his partner James Lassiter through their Overbrook Entertainment company.
It is rumoured that the two starring roles will be filled by Smith's children Jaden (Karate Kid) and Willow (I Am Legend). Robot 6 also suggested that the roles of the children's parents could be filled by Smith and his wife Jada Pinkett Smith.
Flight founder Kibuishi's three-book series about two children who are drawn into a magical world and discover themselves to be the last in a line of guardians in command of a powerful amulet. The fourth volume in Scholastic's series is due for publication in September.
The Smiths appeared at a recording for the final Oprah Winfrey Show on Wednesday of this week.
Smith has courted controversy recently over the $2m (£1.2m) trailer he has been staying in while shooting Men In Black 3.
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