The 35-year-old actor has been cast in a new take on the 1978 movie with Oscar-winning screenwriter Stephen Gaghan penning the project.
Based on Harry Segall's 1930s stage play, the original movie starred Warren Beatty as an NFL quarterback who dies prematurely after mistakenly being taken to heaven by his guardian angel before returning to Earth in the body of a recently murdered millionaire.
Beatty directed the film alongside Buck Henry and it was nominated for nine Academy Awards - including for Best Picture.
Segall's play has also been adapted for the big screen in the 1941 picture 'Here Comes Mr. Jordan', in which the main character was a boxer, and then again in the 2001 comedy 'Down to Earth' that centred on a comedian played by Chris Rock.
Glen's version is not thought to be a remake as it won't focus on an NFL player but will feature the same concept of a man taken before his time.
Powell successfully teamed up with Sydney Sweeney on the hit romantic comedy 'Anyone But You' and revealed earlier this year that the pair want to keep the partnership going by working on another movie together.
The 'Top Gun: Maverick' star told Variety: "When you find somebody that you really jive with, Sydney is so easy to work with and so fun. We're definitely trying to find the next thing. Please send us all the scripts you got. It's been really wonderful to read a lot.
"Sydney reads everything, by the way, and in record time. She's the fastest reader I think I've ever met. It takes me a little longer, but we're reading everything and just trying to see what makes sense, what we can turn into something that audiences are going to respond to."