Tarsem will direct from a screenplay by Vlas Parlapanides and Charley Parlapanides and the project reunites Hollywood Gang Production's Gianni Nunnari and Mark Canton, who worked together on 300 and will produce.
Relativity CEO Ryan Kavanaugh, who arranged financing on 300, will also produce. Hollywood Gang's Craig J Flores will serve as executive producer with Relativity's president of production Tucker Tooley.
War Of Gods takes place in ancient Greece and follows the young warrior Theseus as he leads his men against the tyranny of the Titans and the Demons.
'We are very excited to bring back the 300 team and expect this film to have the same type of broad appeal,' Kavanaugh said. 'War of Gods, continues to augment the diversity of our slate of films at Relativity.'
'Gods, Titans, Warriors! A fantastic script! An incredible visionary film-maker like Tarsem! A partner like Relativity who fought and won already a battle in getting the package that everybody wanted!' Nunnari said. 'This mix is truly epic!'
Canton added: '300 set the bar and changed the landscape for contemporary film-making. Gianni and I both love epic mythology and we have worked hard to find another project that will challenge the senses and once again take audience into a fresh new cinematic world.
'Tarsem is legendary for his eye and his masterful knowledge of film-making and Charley and Vas have created an excellent project for him to transform into a groundbreaking motion picture.'
Canton is represented by Jake Bloom and Ralph Brescia at Bloom Hergott Diemer Rosenthal LaViolette & Feldman, and Nunnari is reprensented by Carlos Goodman at Bloom Hergott Diemer Rosenthal LaViolette & Feldman.
Tarsem is handled by CAA and Vlas Parlapanides and Charley Parlapanides are represented by WMA and Underground Films and Management.