Sanrio is planning to launch a Hello Kitty movie into cinemas across the globe in 2019.
The project is expected to cost between $162m to $242m, including production and advertising, according to Nikkei Asian Review.
Sanrio managing director Rehito Hatoyama has been appointed CEO of a new US unit that will carry out the project and the firm is considering making movies with other characters as well.
A dedicated fund is likely to be created to raise money for the projects.
Sanrio agreed to grant the film rights to its Mr. Men and Little Miss characters to Fox Animation back in January, with a global release of the movie planned for 2017 or 2018.