The Iron Man star will adapt Jesse Armstrong's script 'The Entire History of You' for the big screen, reports Broadcast.
Downey Jr is said to have beaten off competition from George Clooney to acquire the rights.
The original 'Entire History of You' aired on Channel 4 in December 2011 and was set in a near-future world in which everyone has a memory chip implanted in their head. The chip allowed the user to re-watch moments from their past, leading to dark consequences.
Toby Kebbell (Wrath of the Titans) played the lead role in the hour-long drama, penned by Peep Show scribe Armstrong.
A second series of Black Mirror begins tonight at 11pm on Channel 4.
> Black Mirror: Charlie Brooker's dark drama returns - watch video clips
> Black Mirror returns: Charlie Brooker, Hayley Atwell talk series two
Watch a trailer for the original Black Mirror episode below: