The two icons will produce the docu-drama Silver Ghost, which chronicles the lives of Charles Rolls and Henry Royce.
Announcing the project to Variety, Scorsese says, "When I read the story of Silver Ghost, I was mesmerised. I immediately thought, 'This is a picture that has to be made.'
"And when I was asked to come aboard as a producer alongside Richard Attenborough and Anthony Haas, I didn't hesitate a moment."
The film will be set in turn-of-the-century England and feature scandalous revelations about Rolls and Royce's romances and family secrets.