Currently in Iceland shooting biblical epic Noah, Crowe has teamed up with old schoolmate Mark Staufer who has written the script. Production is expected to start next year.
"Bill Hicks' life is tragically short, but spectacularly interesting," Staufer said. "The screenplay has gone through a number of drafts and we'll go into production early next year."
"It is a huge role for someone, made all the more special, or downright scary, by the fact the director is an Oscar-winning actor like Russell," Staufer said.
