The news was revealed by the Hollywood Reporter with the original film seeing three bachelors attempt to adapt their lives to fatherhood after a baby turns up on their doorstep.
The 1987 comedy was directed by late Star Trek star Leonard Nimoy and was the biggest American box office hit of that year.
The remake will be produced by Gordon Gray, who most recently made The Way Back starring Ben Affleck, with its script written by Will Reichel. No director has yet been attached.
The original film starred a trio of 80 stars, Tom Selleck, Steve Guttenberg and Ted Danson as New York bachelors and was based on the script of a 1985 French film Trois Hommes et un couffin.
It is yet to be confirmed which of the three main characters Mr Efron will play.
The film marks a return to the actor’s Disney roots, as Mr Efron first became famous for his breakout role as basketball player Troy Bolton in Disney’s High School Musical films over a decade ago.
Other films starring the actor include Hairspray, Bad Neighbours, Baywatch, and The Greatest Showman. He also played serial killer Ted Bundy in Extremely Wicked, Shockingly Evil and Vile.
His most recent venture saw the star feature on a Netflix-released documentary series Down to Earth, in which he travels the world exploring sustainability.
The series was executive produced by Mr Efron’s company Ninjas Runnin Wild Productions.
