Now You See Me, per Summit, pits a crack FBI squad in a game of cat and mouse against a super-team of the world's greatest illusionists, who pull off a series of bank heists during their performances, showering the profits on their audiences while staying one step ahead of the law.
The script was written by Boaz Yakin and Edward Ricourt,also Yakin will exec produce the movie along with Paper Products' Bobby Cohen.
Erik Feig, Michael Schaefer, and Ashley Schlaifer will oversee the project for Summit.
Leterrier's Clash of the Titans survived a bad 3D conversion and went on to gross over $493 million worldwide.
Leterrier, repped by WME and Management 360, also directed The Incredible Hulk and Transporter 2.