It is about a troupe of famous models - including Jerry Hall and Maria Hanson - whose Chilean shoot goes terribly wrong, reported Digital Spy.
While Feig will be producing through his Feigco company, he is not currently slotted to direct the project.
Feig is riding high off the success of his "Ghostbusters" reboot - which follows "Bridesmaids", "The Heat" and "Spy" in dominating the US box office.
A sequel is expected for "Ghostbusters", but it is not yet clear if Feig will be back as director.