The 1992 film, which also starred Kevin Costner, made a reported $411m worldwide when it was released 19 years ago and also spawned a best-selling soundtrack album.
Screenwriters Jeremiah Friedman and Nick Palmer have been commissioned to write the script for the new flick, while Dan Lin will produce and Mark Bauch will co-produce.
The original film, directed by Mick Jackson, told the story of a secret service agent, played by Costner, who is assigned to look after a singer (Houston), after she is threatened by a stalker.
But his job is put in jeopardy when he falls for the star.
According to US entertainment website Deadline, the new film will also be a love story, but the bodyguard will be an ex-Iraq war veteran instead of a former secret service agent.