Also starring and James and Dave Franco, the comedy is based on the making of the cult classic, "The Room," said The Hollywood Reporter
James, 37, is also helming the project, with a script penned by Scott Neustadter and Michael H Weber.
The film is funny analysis of how Tommy Wiseau came up with the idea of the film considered by many as one of the worst films ever made.
James will play Wiseau while Dave, 30, will play Greg Sestero, who co-starred in the film.
Seth Rogen, who also is producing through Point Grey Pictures along with Evan Goldberg, Vince Jolivette and Franco, will also star.