Director Phil Griffin has been linked to the project, which a source said would be "cathartic" for the 26-year-old star.
The insider said: "It's the film everyone will be queuing to see. It will be dark and gritty, charting Britney's devastating falls, including her head-shaving ordeal and her traumatic custody battle for her two children.
"But it will also show the highs along her incredible life journey."
In October, Spears reclaimed the top spot in the US charts with 'Womanizer' after a break of nearly a decade. During a 90-minute MTV special titled Britney: For The Record, the popstar confessed that she had made mistakes during her highly publicised breakdown and couldn't explain her erratic behaviour over the past two years.
The source said: "She has been through so much and is finally back to her best. This will be her ultimate chance to prove to the world she has still got it."
> Click here for our review of comeback single 'Womanizer'