The fantasy series will be made into a live action superhero origin story in a similar vein to Spider-Man, following a young girl who discovers she has supernatural powers.
Andrew Barrer and Gabriel Ferrari will write the film's screenplay, while Real Steel's Don Murphy and Susan Montford will produce, reports Deadline. Mark Waters is in line to direct.
Archie Comics' Jon Goldwater will executive produce, while screenwriter Jeff Stockwell will co-produce.
The tone of the film is said to be "edgier" than the 1990s TV series. However, Sabrina's black cat Salem will return as a transformed prince who helps with her love life.
"We mentioned it in a meeting to [Sony co-chairwoman] Amy Pascal who chimed in, 'I'm the little witch girl'," Murphy and Montford said. "From then on we knew it was the right home."
Sabrina originally came from the 1960s Archie comics, before spawning animated TV spinoffs in 1969, 1971 and 1999.
Its most famous incarnation, however, is the live action TV series starring Melissa Joan Hart that ran for seven seasons from 1996-2003.
> Sabrina the Teenage Witch and Salem reunite - video
Watch the intro for Sabrina the Teenage Witch below: