The film, called Chrome And Paint, has been described as a "gritty car culture project".
According to Variety, the film was originally intended to be R-rated, but certain elements will now be toned down to ensure that they fit in with Disney's branding.
Ice Cube, real name O'Shea Jackson, will direct the project and will produce alongside his CubeVision partner Matt Alvarez.
The rapper and actor will also serve as co-writer alongside Eva Vives, best known for her work on the 2002 drama Raising Victor Vargas.
Jackson was recently cast in the upcoming remake of 21 Jump Street, and released his ninth studio album I Am The West in September last year.
No further details about Chrome And Paint have been released, and it is currently unknown whether Jackson will also star in the film.