The pair are currently working on a script for the film, which will star Bieber as a basketball player.
Wahlberg has now told E! News that a "first draft" is completed, saying: "We just want to make it great and we're getting there."
Wahlberg, who has previously praised Bieber's acting skills, spoke a little about the 'Boyfriend' singer's role in the movie.
"I think of Paul Newman and Tom Cruise in The Color of Money but in the world of inner-city basketball," he said. "I just think personally we have a great idea.
"He's a great athlete... He's focused and he wants to have success in the movie world and acting as well. He's focused and patient about finding the right particular part, working with the right people, and I think he'd do a great job."
Asked whether the movie could be released in 2013, Wahlberg replied: "Possibly, if I have anything to do with it."
Bieber, who previously had a guest role on CSI: Crime Scene Investigation, recently revealed that he would love to do more acting in the future.