The project, titled "One Chance," is based on Paul Potts' rise from opera singing mobile phone salesman to international music sensation thanks to the reality hit "Britain's Got Talent."
"American Idol" judge Cowell, who also produces "Talent" and its similar American incarnation, would be making his studio feature producing debut on "One Chance." He's also been developing a feature titled "Star Struck," another rags-to-riches story of stardom-through-reality-TV.
Michael Menchel and Steve Whitney of Relevant Entertainment will produce along with Cowell, according to The Hollywood Reporter.
The studio has recruited Justin Zackham to script "One Chance." Zackham's credits include "The Bucket List."