Phillips' cargo ship was hijacked by Somali pirates back in April, and the seaman was held for ransom.
His dramatic rescue by Navy SEALs made headlines around the world, and now Columbia Pictures executives have optioned the life story rights of the captain of the Maersk Alabama.
Spacey will be among the producers of the project, according to EW.com.
It is not known if the double Oscar winner will play a role in the film.
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