The £5 million project, entitled, Rolling Stoned, is due to go into production early next year.
The film will feature rock’n’roll stories and archive footage that are based on the memoirs of the band’s manager Andrew Loog Oldham.
Jagger’s son, who is 21, received critical acclaim when he made his stage debut earlier this year.
“If you’re trying to examine Mick Jagger, what could be better than someone coded with the Jagger gene,” explained one of the films producer’s Peter Martin. “If you’re looking for a young Mick Jagger and a young Keith Richards, I think the first place to look is in their own families.”
A spokesperson for the Rolling Stones and James Jagger failed to respond to the reports, according to the Times.