Actor Jude Law and actress Emily Blunt are attached to the project, which likely will be filmed in part at the same castle that was used for the 1981 TV miniseries, Yorkshire's Castle Howard, The Telegraph reported.
Author Evelyn Waugh's "Brideshead" is the story of the epic and apparently tragic love affair of Charles Ryder and Lady Julia Flyte.
Rae said his production will approach the story from a different angle then the ITV series.
"The story is about how you think happiness is in your grasp but there is a third character in the story, God, who also has a role to play," he said. "I think it's exciting to grasp a holy cow like this and introduce it to a whole new audience."
Julian Jarrold will direct the film from a screenplay by Andrew Davies and Jeremy Brock.