The 57-year-old director is best known for being at the helm of 'Spider-Man' and 'Evil Dead' movies but his is set to take on a new challenge when he teams up with Skydance Productions to work on the mystery thriller.
The film is just one of three projects being developed, based on tales about the infamous patch of the Caribbean where planes and ships have inexplicably gone missing - with Universal and Warner Bros. working on their own version.
As a result, the studios are on lockdown - according to The Hollywood Reporter - even the director role was controlled to the point where prospective filmmakers had to go to Skydance's offices just to read the script.
And whilst the plot details are not yet known, 'The Sorcerer's Apprentice' and 'Prince of Persia: The Sands of Time' co-writers Doug Miro and Carlo Bernard, penned the script.
Skydance has been working on the project for numerous years - a previous version of the script was also written by Damian Shannon and Mark Swift - who worked on the reboot of 2009's 'Friday the 13th' and the company had tried to get 'Pirates of the Caribbean' star Johnny Depp to get involved.
Raimi last directed 'Oz the Great and Powerful' for Disney in 2013.