The "Grown Ups" star has teamed up with producers Mark Burg and Oren Koules and studio bosses at Lionsgate to create a new spin-off film, based on the original gory movies created by James Wan and Leigh Whannell.
The actor came up with the premise for the new project, which has been written by Pete Goldfinger and Josh Stolberg - the brains behind the eighth and most recent "Saw" sequel, 2017's "Jigsaw".
Filmmaker Darren Lynn Bousman, who directed three of the titles in the franchise, is also returning for the revamp.
"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," Lionsgate executive Joe Drake shares in a statement.
"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."
Rock adds, "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."
The as-yet-untitled movie is expected to move into production swiftly, with a projected launch date set for October, 2020.
Horror guru Wan and his Australian collaborator Whannell, who will serve as executive producers on Rock's effort, have released eight films so far as part of the "Saw" series, with each one featuring on a twisted serial killer, named "Jigsaw".
To date, the movies have collectively grossed over $976 million (£763 million) at the global box office, from a total budget of just $77 million (£60 million).