Reynolds has been cast to play the eponymous detective, and will reportedly use motion capture technology in his performance, according to The Hollywood Reporter.
While one of the defining characteristics of most Pokemon creatures is their inability to say anything other than their own name, Detective Pikachu is unique in that he's rather verbose and clever.
The Get Down's Justice Smith co-stars as a young man who, following his father's kidnapping, teams up with Detective Pikachu on the hunt to rescue his missing dad.
Goosebumps director Rob Letterman is helming the project, from a script penned by Guardians of the Galaxy scribe Nicole Perlman and Gravity Falls creator Alex Hirsch.
Details surrounding the filming and casting of the film have been kept tightly under wraps as the project moves into production.
Meanwhile, Reynolds is gearing up for the release of his hotly anticipated action-comedy epic Deadpool 2, which is set to explode into theaters June 1.
For more on the exciting, off-the-wall Deadpool sequel, check out the video below.