Studio executives at Warner Bros. recently acquired the film rights from Belushi’s estate and have hired Phillips to work on his life story with The Pursuit of Happyness screenwriter Steven Conrad.
Phillips will produce the picture, while a director has yet to be appointed, according to The Hollywood Reporter.
The actor’s widow, Judith Belushi Pisano, will serve as executive producer.
Belushi died from a drug overdose in 1982, at the age of 33.
He has previously been the focus of another biopic, 1989’s Wired, which was based on the 1985 book Wired: The Short Life and Fast Times of John Belushi.
The film, featuring Fantastic Four star Michael Chiklis, did not receive the backing of the actor’s estate and bombed at the box office upon its release.