"Trainspotting" scribe John Hodge is penning the screenplay for the film, which is tentatively slated to start shooting this fall, the report said.
Foster's films include "Alpha Dog," "The Messenger" and "Contraband," as well as the upcoming "Ain't Them Body Saints" and "Kill Your Darlings."
The famed cyclist, cancer survivor and humanitarian long denied he cheated in races, even after he was stripped of his titles and banned for life from competing by the governing body of cycling in 2012.
Notable deaths of 2014 [PHOTOS]
'Vacation' re-boot starts shooting in Georgia