The film has been in development for some time, and at one point there was a version at Disney, attached to Fight Club and The Social Network filmmaker David Fincher.
Singer's version of the film would be for 20th Century Fox, where he's fresh off the huge success of X-Men: Days of Future Past.
"I'm incredibly excited to be working with my friends at Fox, with whom I've had such a long and fruitful relationship," Singer said in a statement. "Ever since I was a boy and first discovered the 1870 Jules Verne novel, I have dreamt of retelling this classic story. Without revealing too much, it contains not only the original characters of Captain Nemo, Ned Land and Professor Aronnax, but also some new and original characters and Sci Fi plot twists culminating in a timeless adventure for all ages."
The movie is set to go into production in the fall.