Troy Lum and Andrew Mason of Hopscotch Features are producing the drama, which is based on the biography "The Lives of Lee Miller", written by Miller's son, Antony Penrose, said The Hollywood Reporter.
Hopscotch has optioned the rights to the book, and the producers have obtained exclusive access to the Lee Miller Archives, which are curated and managed by Penrose and include all of Miller's photos and diaries.
The project is still in development and has no writer or director.
She became an art photographer, but during World War II became a pre-eminent war photographer for Vogue.
Winslet, 40, is a six-time Oscar nominee, winning for her work in 2008's "The Reader".
She will be next seen playing Apple marketing whiz Joanna Hoffman in Danny Boyle "Steve Jobs", which hits theatres in the US on October 23.