The original documentary, released last year, was about the world's most successful diamond thieves. It featured footage captured on CCTV as well as interviews with several members of the gang, reported Variety.
According to reports, Boyle was interested in turning the documentary into a film after watching it, leading to his long-term producing partner Christian Colson coming on board.
The "Slumdog Millionaire" director will produce through his Cloud Eight Films banner.
Pathe and Fox Searchlight will co-finance the movie. Boyle was said to be searching for his next project after he last directed heist thriller "Trance", starring James McAvoy as a London art dealer who is forced to assist in the theft of a Goya painting.