Crowe will play the Sheriff of Nottingham in the revisionist tale of the Robin Hood story, Variety reported. No director has been assigned.
Imagine's Brian Grazer will produce the picture, which expected to begin shooting at the end of 2007 or early 2008.
Ethan Reiff and Cyrus Voris -- creators of the Showtime cable series "Sleeper Cell" -- reportedly will receive seven figures for their script for "Nottingham." Its premise is that Robin Hood was less virtuous and the sheriff more noble than traditionally depicted.
Crowe worked with Imagine on several projects -- most recently "American Gangster," scheduled for a Nov. 6 release. He previously starred in Imagine's "Cinderella Man" and won a best actor Oscar for Imagine's "A Beautiful Mind."
Crowe also stars in "3:10 to Yuma," an upcoming Lionsgate film directed by James Mangold.