The 127 Hours actor - who was the face of Gucci's men's fragrance line in 2008 - is teaming back up with Christina Voros, who directed his recent documentary Kink, to make the film about the Italian fashion house's creative director Frida Giannini.
James is producing the feature-length film with Rabbit Bandini Productions.
The Spider-Man star recently showcased several films at Sundance, including Kink, a documentary about an online porn site, and Interior. Leather Bar., a film about gay sexual expression.
He and Christina have previously collaborated on other projects, including the 2010 SNL doc Saturday Night, and Christina was the cinematographer on several films James directed himself.