The film will be released in 2015. Written by McCartney, Geoff Dunbar and Philip Ardagh, it has been produced by Michael Lynne and Bob Shaye through their Unique Features banner with RGH Entertainment, reported Variety.
Tony Bancroft will direct the film from a screenplay by Josh Klausner of 'Shrek Forever After' fame.
The former Beatle, who calls the movie a "passion project", will compose several original songs for the film.
"'High in the Clouds' is a passion project for me. I am thrilled to be working in partnership with Randa Ayoubi and David Corbett at RGH, and David Michael Lynne and Bob Shaye of Unique Features.