Elgort, who broke out in "The Fault in Our Stars," is the first actor to emerge as a star for the project. "Goosebumps" director Rob Letterman came on board last month and will direct from a script written by David Leslie Johnson.
Producers are Hasbro's Brian Goldner and Stephen Davis; Courtney Solomon and Allan Zeman of Sweetpea Entertainment; and Warner-based Roy Lee. Development began moving forward last year after Sweetpea and Hasbro reached a settlement over sequel rights litigation.
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Hasbro owns the company that first published the Dungeons & Dragons game in 1974. Sweetpea Entertainment exercised an option on film rights in the '90s and later sold those rights to Warner Bros.
Elgort's credits include the "Divergent" films. He's starring in the upcoming remake of "The Billionaire Boys Club" and "Baby Driver" from director Edgar Wright.
Elgort is repped by CAA, Brookside and Morris Yorn.