Talk of the project has been rumbling ever since the actress joined the Marvel Comics Universe in Iron Man 2 back in 2010 and now fans of the Avengers heroine are celebrating following the news of Lore director Shortland's hiring.
While she won't be the first female Marvel superhero to have her name in the title of a movie (the third actually, behind Wasp and soon Captain Marvel), Black Widow will be getting her own film.
It has released 20 superhero movies that have grossed more than $US17 billion since Iron Man in 2008.
Scarlett Johansson is expected to reprise her role as Natasha Romanoff/Black Widow.
Shortland first became known to Australian audiences in 2004 with her independent feature film Somersault, starring Abbie Cornish and Sam Worthington.
She directed the Lore in Germany despite not speaking German, relying on translators and teenage star Saskia Rosendahl to communicate with the cast. They also adopted a South African son and later a daughter.
She said: 'I think there's room for it.
Screenwriter Jac Schaeffer - now working on a forthcoming female-centric reimagining of Dirty Rotten Scoundels, starring Anne Hathaway - is behind the script.