The 86-year-old actor-filmmaker and his longtime home studio Warner Bros plan to make the movie, said The Hollywood Reporter.
Greg Silverman and Julia Spiro will oversee the project for the studio. Oscar-winning screenwriter Brian Helgeland, who worked with Eastwood in 2002's "Blood Work" as well as in the Oscar-winning 2003 movie "Mystic River", is penning the script.
The story will be based on "Impossible Odds", a memoir written by Buchanan along with husband Erik Landemalm and author Anthony Flacco.
She and a colleague were held for ransom in the desert for three months. In January 2012, President Barack Obama approved the engagement of SEAL Team 6, the same elite unit that killed Osama bin Laden. The pair were finally rescued unharmed.
Eastwood is fresh off the success of his Tom Hanks-starrer "Sully".
"Sully" has Hanks as the titular US Airlines pilot, Chesley "Sully" Sullenberger, who became a hero after safely landing his plane on the Hudson River. The USD 60-million-budgeted movie has reportedly soared to over USD 107 million domestically.
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