Edwards, director of the highly acclaimed low-budget indie sci-fi film Monsters, will work with a new, as-yet-unhired, writer on the script.
Warner Bros. will co-produce, co-finance and distribute per its ongoing deal with Legendary Pictures.
Legendary Pictures aim to release Godzilla sometime in 2012.
Aside from the new Godzilla film, Edwards is working on an epic scif-fi project with Timur Bekmambetov (Wanted).
THR reported this story.