Produced by Oliver Stone, the film is expected to be the first of the two rival Escobar movies to make it into production, Variety.com reported Tuesday.
"Escobar" is based on "Mi Hermano Pablo," a book written by Roberto Escobar Gaviria, who served as his brother's accountant and whose company, STL Holdings, committed the life and literary rights of the Escobar family, the trade paper said.
David McKenna, whose credits include "Blow" and "American History X," is working on a new draft of the script.
With its financing in place, the production is slated to begin early next year.
A second "Escobar" film, however, is also in the works.
A fictional Escobar project was also featured prominently in a story line on TV's "Entourage" this past season.