The film marks Bieber's acting debut and Wahlberg says the production team is still working on the script, reported Access Hollywood.
"We're just waiting for the script, I've seen 115 pages of it and it's really good. It's kind of like the 'Color of Money' with Paul Newman and Tom Cruise, and now me and Justin Bieber. It could be very good," the star said of the untitled project.
The actor also said the "Baby" hitmaker is putting a great deal of thought into his debut film.
"He's focused, he's very serious about it. We're trying to create an opportunity to showcase his talents and his abilities," he added.
Wahlberg will next be seen in rom-com "Ted" which hits theaters on June 29.