The two are set to produce a biopic about the Godfather of Soul with "The Help" helmer Tate Taylor, reported Aceshowbiz.
Jagger and Grazer are now looking for distribution and are trying to find a right actor to play the late legendary musician.
The screenplay will be provided by Jez Butterworth and John-Henry Butterworth, who recently wrote Doug Liman's "Fair Game".
"I have been hoping to make the James Brown biopic because he was one of the most electric, exciting stage performers of all time. It's a great honor to be involved with a project as rich as the story of the legendary James Brown. He was a mesmerizing performer with a fascinating life," Jagger said.
The untitled James Brown biopic will follow Brown's story as a young boy who was raised in extreme poverty and violence and later became the Godfather of Soul. The project had been in development with Grazer even before Brown's death in 2006.
Brown actively took part in the development of his biopic before he passed away. Now, his family has promised that they will continue his work.
"I am deeply honored that Mick Jagger and Brian Grazer, two of my husband James Brown's favourite people, have entered into a partnership to bring his inspirational story to the big screen," Brown's widow Tommie Rae Brown said.