The streaming service will be partnering with SK Global Entertainment, which acquired the rights to the dramatic rescue story, according to The Hollywood Reporter.
The 12 boys and their coach were stranded in a cave two miles underground for two weeks before Thai Navy SEALS were able to secure their freedom through a three-day mission.
The plight of the boys, ages 11-16, and their coach, riveted Thailand and much of the world -- from the heart-sinking news that they were missing to the first flickering video once they were found by a pair of British divers deep in the sprawling cave.
"We can confirm that we are working on an original scripted miniseries with SKE Global and 13 Tham Luang Company Limited to bring the incredible story of the Thai cave rescue to audiences worldwide on Netflix," A Netflix spokesperson told THR.
A registered entity was set up last year -- with help from the Thai government -- called 13 Tham Luang Company, to help the boys and their coach handle their interests, the outlet reported.
Each of the players and the coach will reportedly receive just under $1,000 for the deal with SK Global and will be restricted from giving more interviews about their experiences.
SK Global had allegedly discussed making a film about the cave rescue through the same division that produced the hit romantic comedy “Crazy Rich Asians,” but with Netflix on the project, a switch was made to a scripted miniseries, THR said.
The outlet also reported an independent film about the rescue, “The Cave,” wrapped up filming in January. It is the only other project about the soccer team to go into production.
Fox News' Edmund DeMarche and Travis Fedschun contributed to this report.