The real life friends are producing the 1900s set drama via their Warners-based banner Pearl Street.
Peter Glanz has written the script with Casey Affleck attached to star, said The Hollywood Reporter.
The film depicts the true story of two explorers in the early 1900s and their pursuit to be the first person to reach the South Pole -- the last uncharted territory on the planet.
Englishman Robert Falcon Scott and Norwegian Roald Amundsen were explorers from antithetical countries: one from the era's most powerful empire, the other from a country that had just achieved independence.
Their race, seen as heroic during a golden age of exploration, sparked international interest and galvanized the world to see who would reach Earth's southernmost point first.
Affleck is gearing up for the release of his latest directorial work 'Argo' which is already creating Oscar buzz while Damon recently wrapped 'Promised Land', a Gus Van Sant-directed drama that he co-wrote, stars and produces.