The film follows versions of the three previous books in the Narnia series.
The Lion, the Witch and the Wardrobe came out in 2005, followed by Prince Caspian in 2008 and The Voyage of the Dawn Treader in 2010.
Sony-owned TriStar Pictures is joining The Mark Gordon Company, The CS Lewis Company and Entertainment One to make the film, according to Deadline.
Together, the previous three films in the Chronicles of Narnia series have made more than $1.58 billion (Â£1.2 billion) at the worldwide box office.
David Magee, Oscar-nominated screenwriter of Finding Neverland and Life of Pi, is reportedly working on the script.
According to Mark Gordon, the film will "introduce this new, magical chapter of the Narnia franchise to fans around the world, both old and new."
The Silver Chair sees Eustace Scrubb - the character Will Poulter played in Voyage of the Dawn Treader - return to Narnia.
There he and a classmate, Jill Pole, embark on a quest to find a lost prince who is being held captive deep underground.
Doctor Who actor Tom Baker and Star Wars' Warwick Davis were among the cast of a six-part BBC adaptation first shown in 1990.
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19 September 2016 Last updated at 07:50 BST
They used recyclable materials such as shoe boxes, plastic packaging and egg boxes to make them.
They went to see how a team from Swansea University are building a real classroom for the future, whose aims are the same.
Their classroom is designed to be energy positive - that means they don't have to buy electricity and they have solar panels that use the sun to power them.
CS Lewis's magical realm of Narnia is to return to the big screen with a film of his 1953 novel, The Silver Chair.
[NEXT_CONCEPT]
Kids in Swansea have been showing us their designs for buildings for the future, which they say should be as energy-efficient and kind to the environment as possible.