Senator International is producing the project, which has not yet received a distribution deal with a major studio. Variety said Sony, Universal and Warner Bros. are among those in competition for the rights.
Ferrell would play an IRS auditor whose routine is disrupted by a voice that is narrating his life down to the last detail -- including the time and place of his death.
Ferrell, currently in theaters in "Anchorman: The Legend of Ron Burgundy," will make "Bewitched" with Nicole Kidman later this year. He is also scheduled to shoot a Woody Allen picture and to star in a feature with Robert Duvall in 2005.