"Nine Eleven", directed by Martin Guigui from script he co-wrote with Steven Golebiowski, depicts five individuals trapped in an elevator in the World Trade Center on September 11, 2001, and their struggle to survive, reported the New York Daily News.
Whoopi Goldberg, Luis Guzman, Wood Harris and Olga Fonda have also been cast.
With shooting commencing from next week, "Nine Eleven" will be filmed entirely at Thunder Studios in Long Beach, California.
Thunder Studios is co-producing with Sprockefeller Pictures, Vitamin A Films and Sunset Pictures. Producers are Martin Sprock, Dahlia Waingort and Warren Ostergard. Sheen's manager and industry veteran Mark Burg will serve as executive producer, along with Thunder Studios CEO Rodric David and Ryan Johnson.
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"We are fortunate to have such a gifted cast on board. Both Sheen and Goldberg are native New Yorkers who strongly identify with this story."
Sheen said, "I feel deeply connected to the material and I'm so excited to be working with my dear friend Whoopi Goldberg."
Sheen most recently starred in the FX series "Anger Management". Goldberg, who co-hosts "The View", appeared in "Teenage Mutant Ninja Turtles".