Director Gus Van Sant has signed on to do the project and has brought Lance Black aboard to adapt the screenplay, Variety.com reported Monday.
FilmColony's Richard Gladstein is producing and is currently striking a deal with a financier for the film.
The book told the story of a cross-country trip that "One Flew Over the Cuckoo's Nest" author Ken Kesey and a group called the Merry Pranksters took in 1964. The group drove from California to New York to visit the Worlds Fair, delivering LSD to people they met along the way.
Kesey reportedly ingested the drug when he wrote "Cuckoo's Nest," giving credit to the LSD for most of the book.