The project, titled "Atlantis", that is being touted as a Romeo and Juliet-style story amalgamated with a music element is inspired by the 43-year-old musician's childhood in Virginia Beach, according to The Hollywood Reporter.
Michael Mayer, known for his Broadway work on 'Spring Awakening,' is all set to direct the film.
Martin Hynes, who is currently writing the script for "Toy Story 4", will pen the story of the musical.
Williams along with Mimi Valdes will produce the film via their I Am Other banner.