In a press release, the streaming giant said it secured the rights to an original pitch from writer Tom Wheeler, who developed it with Hiram Garcia, president of the production at Dwayne Johnson and Dany Garcia's Seven Bucks Productions.
The project marks a reunion between the actor and director Jake Kasdan, who earlier worked on "Jumanji: Welcome to the Jungle".
Johnson, who will also produce the film, will play John Henry. He will lead an ensemble cast of the most popular figures from folklore and legend from all around the world.
"Netflix is the perfect partner and platform for us to continue entertaining our global audience in a disruptive way.
"These diverse characters speak to a legacy of storytelling that is more relevant than ever and span across a worldwide audience regardless of age, gender, race or geography," Johnson said.
Kasdan will also produce alongside Dany Garcia, Hiram Garcia and Beau Flynn.
Melvin Mar, Wendy Jacobson, and Wheeler will executive produce the project.
(With inputs from agencies.)