Variety reports that the duo will write, direct and produce the movie for Lionsgate, who acquired the rights to the unnamed property this week.
Lee and Gil Champion will co-produce through their POW! Entertainment firm, which has ties to Disney. The former Marvel Comics president met Gough and Millar on the set of Spider-Man 2, for which the pair have writing credits.
Gough and Millar have also provided scripts for Disney's Shanghai Noon, its sequel Shanghai Nights, as well as DreamWorks' I Am Number Four. They are currently producing Zed for Disney, and the Sylvester Stallone film Bullet to the Head.
Last month, Lee announced that he is branching out into internet video with the launch of his Stan Lee's World of Heroes YouTube show, slated for 2012.
Lionsgate is yet to announce a title or specific details for the new superhero property.