Soderbergh reportedly plans to shoot the films back to back, beginning next May in Mexico and parts of South America.
First film, "The Argentine," begins as Guevara and a group of Cuban exiles, led by Fidel Castro, reach the Cuban shore from Mexico in 1956. They proceed to mobilize an army and topple the regime of Fulgencio Batista
The second film, "Guerrilla," begins with Guevara's trip to New York, where he spoke at the United Nations in 1964 and was admired in intellectual and society circles.
Soderbergh and producers have reportedly set the combined budget of the films at less than $70 million.
Notable deaths of 2014 [PHOTOS]