Actors Chris Hemsworth, Miles Teller and Jurnee Smollett have reportedly teamed up for Spiderhead.
The film is an adaptation of a George Saunders short story.
The story takes place in the near future and follows two convicts who are housed in a facility run by a doctor who experiments on inmates with powerful drugs that alter emotions.
Joseph Kosinski, who is directing Top Gun: Maverick, will reportedly helm the Netflix project
Rhett Reese and Paul Wernick, who penned Deadpool and Zombieland, will write the screenplay.