Monopoly film to follow the story of a boy who tried to make a fortune using Chance and Community cards. Getty Images

Monopoly fans hold your breath as toy maker Hasbro has announced plans to translate his world famous Monopoly board game into a film.

While no release date has yet been decided, it has been confirmed that the screenplay will be written by Academy award nominated writer, Andrew Niccol who drew attention after writing The Truman Show.

The film is said to be co-produced by Hasbro and Lions Gate Entertainment, reported The Telegraph.

The film will follow the story of a boy from Baltic Avenue, which is the lowest worth property in the American version of the board game.

The boy will try and make a fortune using Chance and Community cards while trying to escape being jailed.

Since the board game was first sold in 1930s, it has become one of the most popular games, locally licensed in 103 countries and available in over 37 languages.

Hasbro is one of the largest toy makers in the world with popular toys, like G.I.Joe, Play Doh, Star Wars and Transformers under its belt.

Several of its toy figures have made it on the big screen, including Transformers, G.I.Joe and My Little Pony.

While some social media users rejoiced others weren't too sure the idea was genius.