Jeremy Renner's 'Slingshot' attracts Paramount

Paramount has reportedly picked up Jeremy Renner's proposed racing biopic Slingshot.

The Hollywood Reporter confirms that the company has taken on the project, which will star Renner as true-life underdog racer Bill Caswell.

Caswell became well-known after buying a racing car on Craigslist for $500, refurbishing the vehicle, and then successfully entering a racing rally against professional drivers.

Renner will also produce the project through his company The Combine with Don Handfield, who will pen the film's screenplay.

Combine's first film project will be a biopic about Steve McQueen, which is currently in development and has Renner also attached to the lead role.

Earlier this year, it was confirmed that Jeremy Renner had been cast as the new lead in The Bourne Legacy.