The book, published as a memoir in 2003, chronicles Frey's battle with drug addiction.
Its big screen adaptation was in works at the Warner Bros studio but following revelation by the Smoking Gun website, which accused of Frey of fabrication, the project was shelved.
According to The Hollywood Reporter, the project is back in works with Sam as director and Aaron in the lead role.
This is will be the couple's first collaboration since 2009's "Nowhere Boy".
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