The 44-year-old "Ted" star will produce a film based on Caron's memoir "Tuff Juice: My Journey From The Streets to The NBA", reported USA Today.
"(Caron is) a perfect example to all the young kids growing up in tough neighborhoods to never give up on your dreams," Wahlberg said.
"When someone like Mark Wahlberg tells you that your life could be a movie, you listen," Butler added.
"I'm excited to take the next step towards sharing my story with an even larger audience and it's a blessing to have someone as well-known and respected as Mark Wahlberg by my side."
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Caron said they have already started to draw up a list of their top picks for writers and actors,it would be a "dream" if "Creed" star Michael B Jordan portrayed him onscreen.
"I think he would do a great job sharing my story," he said.
Caron suffered through a tough childhood in Racine, Wisconsin, where he became a drug dealer at 11-years-old. He eventually turned his life around and started playing professional basketball in 2002, going on to play for the Washington Wizards and Los Angeles Clippers, among other teams.