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The deal was overseen by studio chief Amy Pascal and production president Hannah Minghella and it has been confirmed that the movie will be made.
Writer Jenny Bicks will be in charge of the film's script and production may commence before the end of 2014, Yahoo reported.
Walter Parkes and Laurie MacDonald will act as producers. They are the same people tipped to reboot "Men in Black" for the studio.
According to reports, the film will focus on the character of Barbie - a modern-day-type-of-woman who will use both her professional and personal skills to step in the lives of other people and help improve them.
The film's storyline will focus on the life of a young actress, Barbie, Ken and Barbie's best friend.
Prior to closing the deal, Mattel, the makers of Barbie, invited a small group of producers to pitch in their concepts for a possible Barbie movie.
After the producers won the bake-off with their deal with ImageNation, Pascal locked in Sony with a production commitment, Yahoo reported.
What appealed to Pascal most was the fact that the movie's potential audience was not only restricted to the younger generations who are playing with the dolls now, but that it also includes older generations who grew up with them.
The upcoming 'Barbie' movie is the second collaboration between Sony and Mattel.
Minghella told Deadline, "We've always thought that the Barbie story had great potential, but a universe of possibilities opened up when Jerry, Walter and Laurie brought us their unexpected, clever, and truly funny concept. It captures everything that has made Barbie a classic for generation after generation while also standing on its own, establish Barbie as a truly original screen character."
Tim Kiplin, Mattel's EVP of Global Brands said, "Barbie has entertained children and inspired their imagination and creativity for more than 50 years. Now is the right time in Barbie's celebrated history for her to star in a live-action, contemporary comedy that brings her playful personality to life for generations of fans."
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