Nick Cannon has signed up to play the convicted drug trafficker in a Nick Cassavetes-directed project, reports MTV News.
Ross - who was released from prison in 2009 - revealed that he had spoken to Smith, Foxx and Don Cheadle among others about playing him.
"I spoke to Will Smith about the role. I had a couple meetings with Jamie Foxx about it. Larenz Tate, I was really serious about Larenz," he said.
"I spoke to Don Cheadle a couple of times about it. Columbus Short, I really, really liked Columbus Short for the role, but at the end of the day Nick's willing to help me build the project.
"He's willing to get in the trenches and roll up his sleeves and fight because I still wanna have some control."
The film will follow Ross between the ages of 17-25, as he built up his drug empire in the early 1980s in Los Angeles.
He said of Cannon's casting: "I been watching Nick since like '96 when I was in custody in San Diego and that was one of the times when I was at my most tuneless time with the world, because I was incarcerated and I also had a life sentence.
"He just reminds me of myself, just he took a different turn, he went to entertainment and I went to the streets."
'Freeway' Rick Ross is currently involved in a legal battle with rapper Rick Ross over using his name. A trial has been set for August 27, 2013.