The stage show debuted in 2010 before hitting London's West End the following year. It transferred to Broadway in 2013 and ran for four years before closing in 2017.
The movie follows the story of a young bookworm prodigy mistreated by her ignorant parents and abusive school headmistress, and according to Britain's Daily Mail newspaper it's become a priority for producers at Sony Pictures and Netflix, who have tapped "Killing Eve" star Jodie and "Spectre" actor Ralph to appear in the flick.
Jodie will reportedly appear as Miss Honey, the kind-hearted teacher who befriends super-bright Matilda, while Ralph is taking on a gender-bending version of bullying headmistress Agatha Trunchbull.
Further casting details remain under wraps.
"Matilda the Musical" will be a collaboration between Sony Pictures and Netflix and will receive a limited theatre release in the U.K. before hitting the streaming service worldwide.
Roald Dahl's popular children's novel, which inspired the project, was previously made into a film in 1996, starring Mara Wilson as the title character with appearances from Danny DeVito, Rhea Perlman, Embeth Davidtz, and Pam Ferris.