The British are coming. Hasbro and Working Title are developing an Action Man film based on cult British toyline — and a trio of creatives with ties to Marvel Studios are joining forces to develop it.

Producing is Jeremy Latchem, another former Marvel exec whose credits include “Dungeons & Dragons: Honor Among Thieves,” “Spider-Man: Homecoming” and “Avenger: Age of Ultron.” Action Man, launched in ...