The film plans to tell the tale of Yates' romance with Michael Hutchence, which culminates in her dying of an overdose.
Her lover will apparently be played by Johnny Depp – a former boyfriend of Moss. Director Nick Egan thinks their chemistry could have a powerful effect.
"It could work beautifully or be a disaster, but producers want a powerful leading couple," an insider told the Daily Star. "Paula and Michael were both big drug users and lived a tortured existence. Turning their ill-fated romance into a film will not make for comfortable viewing."