Lorenzo di Bonaventura will produce the film, Daily Variety said Thursday.
The studio is in negotiations with the actresses with a dual aim -- launching a refresh of the buddy-cop genre and re-igniting the on-screen chemistry displayed when the duo fronted the action-drama "Set It Off" in 1996 with Kimberly Elise and Vivica Fox.
The project, which has unofficially been called "Bad Girls," is to be set in Los Angeles and could start shooting as early as January or February. Both stars have time slots available for early 2004.
Story details are sketchy beyond the characters combining themes of community and friendship while still "kicking ass" when faced with criminals.
Latifah's profile has surged significantly this year due to her starring role in "Bringing Down the House" and Oscar nomination for "Chicago."