The movie will star Dwayne Johnson himself, but also Ryan Reynolds and Gal Gadot - aka Wonder Woman.
The streaming giant took over production of the film - which was set to be released by Universal Pictures - after a ferocious bidding battle.
When first discussed, Red Notice was one of the biggest film packages negotiated last year. It included a huge $20 million (£15.37m) salary for 47-year-old Johnson as well as an eight-figure deal for writer and director Rawson Thurber, who worked with The Rock on Central Intelligence and Skyscraper.
In a statement obtained by Variety, Thurber said: "I'm beyond thrilled to be making Red Notice with Scott Stuber and Netflix - a company that believes in filmmakers and big ideas for a global audience."
It has made a huge financial commitment to its biggest feature film to date - especially after adding Gal Gadot and Ryan Reynolds to the mix - with a production budge of around $130 million (£99.95m).
When the news was announced, Johnson said: "Netflix has illustrated that they are the perfect partners to accomplish this goal.
"I admire the ambition of Netflix to become one of the biggest movie studios in the world. Their original content generates critical acclaim and invites full collaboration on every level of production. Their unbridled enthusiasm for Red Notice is equally matched by their commitment to entertaining audiences on an international scale.
"The fun we're gonna have making Red Notice, but more importantly - the fun the worldwide audience will have watching it in 190+ countries - all at the same moment."
Red Notice is set for release on 13 November 2020.