Production will begin later this year on the sci-fi adventure which Kung Fu Hustle's Stephen Chow will produce and James Wong will direct from his own screenplay.
Justin Chatwin - who played Tom Cruise's son in War Of The Worlds - is set to star as the warrior Goku and James Marsters will portray his chief nemesis Piccolo.
The story will chart Goku's efforts to save Planet Earth from a slew of villains hell-bent on controlling the magical Dragonball talismans and thereby ruling the universe.
Toriyama's property has spawned graphic novels, multiple bestselling video games and a prolific television series that has aired in the US, Asia and Europe.
The Dragonball manga series is published by the Jump Comics division of Tokyo-based publishing house Shueisha.