According to the Los Angeles Times, the Bedtime Stories star will join Seth Rogen in the film, expected to be out in June 2010.
The Green Hornet already hit the small screen. The show aired in 1966 and 1967 on ABC in the United States.
The new adaptation will tell the story of Britt Reid, a newspaper editor who transforms into the Green Hornet at night to fight crime.
Sandler and Rogen also worked together in the dramatic comedy Funny People, set to open in July.