Daltrey and his partner, Spitfire Pictures' Nigel Sinclair, have been working on the Moon project for about 10 years, Daily Variety said Friday. A director is expected to be announced soon.
Myers was involved in the project several years ago but was too busy working on "Austin Powers in Goldmember," Variety said.
Moon was known as rock 'n' roll's wild man, smashing his drum sets onstage and smashing hotel rooms and cars offstage. He died in 1978.
It will mark the second Who project for Spitfire, Variety said.
Sinclair and Spitfire partner Guy East are working with Daltrey and Who guitarist Pete Townshend on a feature-length documentary, "My Generation: Who's Still Who."