Tatum - who will presumably be a merman - is set to co-star with Jillian Bell, according to Hollywood Reporter.
They starred in 2014's undercover cop comedy film 22 Jump Street, which topped the box office on its release.
The original film's director Ron Howard is set to produce the film, along with Tatum.
The film, a rom-com about whether the man will choose to remain on land or join the mermaid in the sea, was nominated for an Oscar for best original screenplay.
This version will be written by Maris Lewis-Ryan and follows on from Ghostbusters, which was remade this year with an all-female lead cast.
Tatum recently starred in Hail Caesar! with George Clooney and Josh Brolin, while Bell is to appear in Office Christmas Party later this year.
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