The director is in line for the disaster film based on the 2010 oil rig collapse, reports Deadline.
Summit Entertainment and Participant Media's drama is said to focus on the courage of the Deepwater workers in the final minutes leading up to the disaster.
Matthew Sand has written the screenplay based on The New York Times' article titled 'Deepwater Horizon's Final Hour', which was published on December 25, 2010 and written by David Barstow, David Rohde and Stephanie Saul.
The explosion on April 20, 2010 killed 11 workers, injured a further 16 and led to the devastating oil spill in the Gulf of Mexico.
Waugh is currently working on the Summit action thriller Snitch, which stars Dwayne Johnson and Susan Sarandon.