According to Deadline, the diva is expected to play a key role in the Christmas film and Ratner who directed many of her music videos will serve as a producer.
It will also feature her songs along with other tracks by different artists.
David Diamond and David Weissman, who previously scripted Ratner's 2000 holiday film "The Family Man", will write the screenplay.
Based on Carey's idea, it revolves around the joyful season and "how the power of music can transport you back in time to your truest and most authentic feelings."
The two friends recently sparked romance rumours after they were caught getting cozy in St Barts, France during their weekend birthdays.
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