Robert Rodriguez will present the picture and is producing with Avi Lerner, Boaz Davidson, Joe Gatta and George Furla.
Douglas Aarniokoski is directing and Danny Dimbort, Trevor Short, Luke Lieberman and Nick Barrucci serve as executive producers.
David White's screenplay sees Red Sonja rise from the ashes of tragedy to seek vengeance as one of the most feared warriors. The character is based on Robert E Howard's creation and became a Marvel Comics staple.
The Nu Image/Millennium deals were structured and orchestrated by executive vice president of business affairs Lonnie Ramati.
'It is our intent to take this opportunity to build on the worlds of branded entertainment with Red Sonja as well as Conan, Hercules and The Three Musketeers titles,' Millennium's Boaz Davidson said. 'There is history with these mythical heroes, and success.'
Production is set to begin in October and the producers are scouting locations in Michigan and throughout the US.