Danny Boyle will direct, and Fox Searchlight will finance and distribute the movie, which is slated for release late next year. Europe's Pathe will also kick in money for the project.
Other 'Slumdog' denizens looking to join in include Christian Colson, who will produce, and Simon Beaufoy, who is reportedly in negotiations to write the script.
The movie will be based on the heroic plight of mountaineer Aron Ralston, whose arm became stuck in a boulder during a May 2003 climb in Utah. Ralston used a dull knife to amputate his own limb, before scaling a 65-foot sheer wall and hiking to find help.
Boyle, who also directed '28 Days Later' and 'Sunshine' for Searchlight, is currently searching for a lead to play Ralston.