Jon Schnepp, director and producer of Adult Swim show Metalocalypse, is appealing for funding on Kickstarter to finance the venture.
Based on a screenplay by Kevin Smith, Superman Lives was to star Nicolas Cage as a flightless incarnation of the Man of Steel in a radically different take on the character.
"This film, out of all the various attempts to make a Superman movie between 1987 and 2006, would have stood the test of time and become a bona fide Cult Classic nowadays," said Schnepp.
"I am not alone with my intense interest in knowing everything I can about this project, and so now I'm embarking on making a documentary that will cover everything ever made for this film, from interviewing as many people as I can who were involved, to including actually recreating scenes from the script."
Superman Lives would reportedly have drawn inspiration from the 'Death of Superman' plotline, with Lex Luthor, Brainiac and Doomsday serving as its villains.
The project was intended for release in 1998.
Photo gallery - stills from the upcoming Man of Steel movie: