The Eagle star has teamed up with moviemaker Steven Soderbergh to develop a new project about the sleazy world of male strip clubs.
Channing was a stripper in Florida before his acting career took off.
He says, "This was a wild and pivotal time in my life and I couldn't be more thrilled to go down the rabbit hole with Steven."
Tatum will co-produce the project, which is tentatively titled Magic Mike.
He'll play a mentor to a young dancer in the film, according to Variety.
Soderbergh adds, "When Channing talked to me about this, I thought it was one of the best ideas I'd ever heard for a movie. I said I wanted in immediately. It's sexy, funny, and shocking. We're using Saturday Night Fever as our model, so hopefully we're on the right track."