Italy’s Rainbow Group — the company behind the hit “Winx Club” animation franchise — has optioned the rights to adapt mythological saga “Game of Gods,” which has drawn millions of young adult readers on user-generated fiction platform Wattpad.

The “Game of Gods” adaptation will be produced by Rainbow and its Colorado Film live action unit, in tandem with Wattpad Webtoon Studios as associate producer.

A rep for Rainbow said it was too early to specify what format they are planning for the “Game of Gods” adaptation.

Colorado previously adapted Wattpad title “The Tearsmith” into a young adult film hit for Netflix.

Set on the Yale University campus, “Game of Gods” blends suspense, romance and Greek mythology in a contemporary retelling of the myth of Hades and Persephone. The narrative involves a young female student named Haven who gets caught up in the Games of the Gods, “a mysterious ritual organized by...