According to The Hollywood Reporter, Sean Bailey is producing along with Steven Lisberger, who co-wrote and directed the original film, and Jeff Silver.
The original, about a programmer thrust into a computer and forced to fight in games he helped create, is remembered for its sci-fi gladiator-style battles and groundbreaking special effects.
The new movie is acting as a "next chapter." Plot details are being guarded closely, but Wilde will play a worker in the virtual world who tries to help fight Master Control Program, the villainous intelligence protocol that was the nemesis in the original film.
Garrett will play a siren in the virtual world.
The male lead has not been cast, but the studio and filmmakers are screen-testing actors as it brings on other leads and supporting players.
TR2N is eyeing a spring shoot and is shaping up as one of the studio's most anticipated projects in years. Kosinski shot reels to test technology and showcase his vision for the film; the footage screened at Comic-Con in July and was one of the most buzzed-about films coming out of the geekfest.