"I've been a fan of 'Saw' since the first film in 2004. I am excited by the opportunity to take this to a really intense and twisted new place," Rock said.
The franchise revolves around the fictional character John Kramer, also called the Jigsaw Killer or Jigsaw, who traps victims in situations that test their will to live. Tobin Bell has portrayed Jigsaw in all eight films, reports variety.com.
Joe Drake, chairman of Lionsgate's Motion Picture Group, made the announcement on Thursday.
The new movie will be released on October 23, 2020.
"When Chris Rock came to us and described in chilling detail his fantastic vision that reimagines and spins off the world of the notorious Jigsaw Killer, we were all-in," said Drake.
"'Saw' is one of the highest-grossing horror franchises of all time and it's one of Lionsgate's most successful film series. This upcoming film will still be as mind bending and intense as all the previous 'Saw' films.
"Chris conceived this idea and it will be completely reverential to the legacy of the material while reinvigorating the brand with his wit, creative vision and passion for this classic horror franchise."
The movie will be produced by Burg and Koules, and directed by Darren Lynn Bousman, who helmed "Saw II", "Saw III" and "Saw IV".
"Chris wants to put his own spin on the 'Saw' franchise in the way Eddie Murphy put a completely fresh perspective on buddy-cop films with '48 Hours'," said Burg and Koules.
The two added: "This new 'Saw' is going to be an event film in the making for horror fans. It will have all of the twists and turns and hardcore layers that our fans expect directed by one of the masters of the craft, Darren Lynn Bousman. We can't wait to get started."