Burnett wrote the book as a tribute to her late daughter, Carrie Hamilton, and now Focus Features executives have recruited brothers Ian Nelms and Eshom Nelms to adapt the screenplay for the big screen.
Burnett is producing via her Mabel Cat Productions company, alongside Fey and Eric Gurian, her business partner at "The Little Stranger".
Published in 2013, Burnett's bestseller detailed her daughter's drug addiction battle as a teenager and her successes as an actress and writer.
Carrie lost her battle with lung cancer in 2002 at the age of 38.
Deadline sources claim the film will follow the highs and lows of the TV icon's life as a working mother, actress, and producer - all told through her relationship with her daughter.
Promoting the book in 2013, Burnett revealed she had to trick her daughter into rehab in a desperate bid to save her from a drug death, telling Access Hollywood, "I write about the drug issue because that was really tough. I remember being so naive and not knowing how to react to this problem because she had been an all-A student. We didn't know what she was going through..."
"I realised I had to love her enough to let her hate me. So I tricked her into going into rehab for the second time. She was very angry but she came through. I had my baby back again after that, until she got sick."
Burnett added she felt cheated when her daughter was struck down with cancer: "She was on her way (up) when the cancer struck."