Lee's films include "Sense and Sensibility," "Crouching Tiger, Hidden Dragon," "Brokeback Mountain" and "Lust, Caution."
Focus Features Chief Executive Officer James Schamus confirmed the 1969-set film's active development. Schamus is adapting Elliot Tiber's memoir "Taking Woodstock: A True Story of a Riot, A Concert, and A Life" for the big screen.
The book, published last year by Square One Publishers, was written by Tiber with Tom Monte.
"Elliot's exuberant and heartfelt story is a perfect window onto the Woodstock experience, exploring an inspiring historical moment when liberation and freedom were in the air," Schamus said in a statement.
Notable deaths of 2014 [PHOTOS]