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The project - which is backed by Netflix - will be adapted from Tim Minchin's 2010 musical, which was adapted from Roald Dahl's book.
So far, Ralph Fiennes has been confirmed to play Miss Trunchball, with rumours that Emma Stone is also in talks to feature.
While no one has been confirmed to play Miss Honey, according to The Daily Mail, Comer is rumoured to be 'the favourite' to take on the iconic children's role.
According to NME, the film is expected to have a cinema release before being added to Netflix, though again, at this stage plans for distribution have not yet been revealed.
Back in March, Netflix announced it would be taking on several Roald Dahl classics.
Along with Matilda, this include Charlie and the Chocolate Factory, The BFG and The Twits.
While it's still early days for many of the new adaptations, the streaming service has announced that Jojo Rabbit writer Taika Waititi will be taking the reins when it comes to not one but TWO Charlie and the Chocolate Factory series - adding that Matilda, The BFG, The Twits, and 'many other beloved Dahl stories' are 'set to follow soon'.
These two series are just the beginning - Matilda, The BFG, The Twits, and many other beloved Dahl stories are set to follow soon!
- Netflix UK & Ireland (@NetflixUK) March 5, 2020
Felicity Dahl, Roald's widow said: "Our mission, which is purposefully lofty, is for as many children as possible around the world to experience the unique magic and positive message of Roald Dahl's stories.
"This partnership with Netflix marks a significant move toward making that possible and is an incredibly exciting new chapter for the Roald Dahl Story Company. Roald would, I know, be thrilled."
Melissa Cobb, vice president of kids and family content at Netflix added: "Immersing ourselves in the extraordinary worlds of Roald Dahl stories has been an honour and a massive amount of fun, and we are grateful for the trust the Roald Dahl Story Company and the Dahl family have placed in our team to deliver more moments of shared joy to families around the world.
"We have great creative ambition to re-imagine the journeys of so many treasured Dahl characters in fresh, contemporary ways with the highest quality animation and production values."
As yet, no release dates have been confirmed for the new projects.