Mattel Inc and Netflix are developing Masters of the Universe, a franchise created by the toymaker in the 1980s, into a live-action motion picture with production slated to start in summer 2022.

The project, which was formerly in development at Sony, will be directed by film making duo the Nee Brothers and star West Side Story actor Kyle Allen as Prince Adam, or He-Man, both companies said on Friday.

The movie will revolve around an orphan named Adam who discovers that he is a prince destined to be the saviour of a faraway land.

The franchise was first introduced through a line of action figures in 1982, a year before the animated series He-Man and the Masters of the Universe premiered.

US toymakers like Mattel and Hasbro have been competing for lucrative contracts with Hollywood studios in recent years. Mattel has also struck deals with Disney for Pixar Animation Studio's Toy Story and Cars franchises, as well as Lightyear.

Pixar released the trailer for the upcoming movie in October, which shows a determined Lightyear being launched into space from a futuristic space station. The feature film is set to be released on June 17, 2022 and presents the "definitive origin story of Buzz Lightyear — the hero who inspired the toy. Introducing the legendary Space Ranger who would win generations of fans".

Earlier this month, Mattel won the rights to produce dolls based on Disney royalty including Elsa and Jasmine, snatching back the licence from archrival Hasbro Inc.