Variety said the company discussed the project -- which is in development, but has no cast or director yet -- at the closing of the Doha Tribeca Film Festival Sunday.
The Mohammed film is to be produced by Barrie Osborne, whose credits include "The Lord of the Rings" and "The Matrix" trilogies.
"He was a profound genius who founded a religion whose name in Islam signifies peace and reconciliation," the entertainment industry trade newspaper quoted Osborne as saying. "This is what our film will aspire to do."
Variety noted one of the challenges of the project will be that Islamic tradition forbids the images of the prophet or close members of his family to be reproduced.
It is believed the movie will be about events surrounding Mohammed's life and the impact he had on others, the newspaper said.