Columbia Pictures reportedly acquired the rights to Phillips' life story, including his in-the-works book telling of his experience and his remarkable rescue.
"We were drawn to this remarkable story of heroism and courage as events were unfolding off the coast of Africa," Columbia executive Doug Belgrad told Variety Magazine.
Actor Kevin Spacey along with Scott Rudin, Michael DeLuca and Dana Brunetti are teaming up to produce the film. Brunetti is a former Coast Guard member who reportedly discussed with Phillips how the movie would be handled.
Phillips and his crew were attacked on April 8 off the coast of Somali by a band of pirates.
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The crew was able to regain control of the ship, and all but Phillips escaped when the captain agreed to be held by the pirates in return for the release of rest.
The U.S. Navy responded to the scene, but the standoff dragged on until April 12, when Navy SEAL snipers shot and killed three of the four pirates, who were holding Phillips at gunpoint.