Benderspink will produce along with the writers' manager Jim Thompson, who recently produced War and the hip-hop documentary Diamonds In The Rough.
Arena follows a unit of soldiers as they are mysteriously transported from the thick of battle to a terrain-shifting gladiatorial arena where they must fight the greatest warriors from history.
'Arena is a total thrill ride of a movie,' Summit's president of production Erik Feig said. 'It's got a fresh and unique concept and we look forward to bringing this to audiences quickly.'
Feig along will oversee the project for the studio with Summit's senior vice president of production Geoff Shaevitz.
Benderspink is producing the comedy Sensei that is in development at Summit. Benderspink's slate includes Shell Game, Leap Year, Emma, Cutlass Islands and Spydust, Torrente, Pet Robots and Fiasco Heights.
Wagstaff and Howell are represented by attorney David Fox.