The Emmy-nominated actor wrote the script for the coming-of-age film himself and has teamed up with Youth in Revolt producer David Permut to bring the project to the big screen.
And Permut admits he was blown away by the quality of the screenplay, comparing Colfer's talents to that of late director John Hughes.
He tells industry paper Daily Variety, "I was very impressed with how sophisticated (Colfer's) writing is. He may be only 20 but he's an old soul."
The movie will be shopped around studios in the New Year (11) and production is scheduled to begin next summer (11).