"Live 2 Tell", which Tupac Shakur wrote while he was in jail on weapons charges, centers around a teenage drug lord who tries to turn his back on a life of crime.
The script has been purchased by executives at NStar Studios, who have set the budget at $11 million (GBP6.9 million) and plan to begin production early next year.
Ivan Juzang, of NStar Studios, tells Variety, "This kid was a genius, and the net of it is, he was from this community, he knew the struggles these young people were dealing with. And he's able to talk to young people in 2011, 2012, the same way he was able to talk to young people in 1995."
It's not the only Tupac Shakur-related project in the works - studio bosses at Morgan Creek Productions are making a film about his life.
The hip-hop hero was shot dead in Las Vegas in 1996.