The subject of the Bermuda Triangle is a popular one among the studios currently, with Universal and Warner Bros. developing their own pics based on the location.
Plot details are being kept under wraps, except for the fact that it will be set in the mysterious patch of the Caribbean where planes and ships have gone missing over the years.
Skydance had no comment on the project.
Doug Miro and Carlo Bernard penned the most recent version with Damian Shannon and Mark Swift also penning a draft of the script. No studio is currently attached to the project, though Skydance has been developing the movie since 2013.
Raimi is best known for launching the Tobey Maguire "Spider-Man" franchise, but cut his teeth in the horror world, starting with his debut on the first "Evil Dead" film. He most recently produced the Screen Gems horror thriller "Don't Breathe" and also directed "Oz the Great and Powerful."