Eszterhas, whose credits also include Flashdance and Showgirls, has teamed up with The Lincoln Lawyer producer Scott Steindorff on the project, described as a cross between Basic Instinct and Fatal Attraction.
The Miami-set Lust centres on a married 30-year-old woman who is seduced by a younger playboy on a business trip to Los Angeles. The man's Russian assistant, who is in love with him, records their liaison and shows the tape to the woman's husband, a wealthy magazine publisher.
Steindorff said of the project: "There are a lot twists and turns that only Joe Eszterhas can do. There's reason why he was the top writer for many years: the guy knows how to write. And there hasn't been a great sexual thriller since Unfaithful."
Lust is expected to find a director and cast within the next few weeks.
Eszterhas, whose scripts sold for million at the height of his fame in the '90s, retired from Hollywood after Showgirls and Burn Hollywood Burn flopped at the box office.