The feature is based on the true story of Philip Zimbardo's groundbreaking 1971 study of human psychology at Stanford University, during which 18 young men assumed the roles of prisoners and prison staff with disturbing results.
The cast lined up includes Kieran Culkin, Paul Dano, Jesse Eisenberg, Charlie Hunnam, Ben McKenzie, Giovanni Ribisi and Channing Tatum.
Christopher McQuarrie, who previously directed The Way Of The Gun and has written screenplays including United Artists' current Tom Cruise project Valkyrie, will direct. He also co-wrote the script with Tim Talbott.
Producers are Mark Morgan Brent Emery and Guy Oseary of Maverick Films; Christopher McQuarrie and Tim Talbott, andBill Vince for Infinity.
The agreement between Maverick Films, Infinity Features and Icon was brokered by Arsenal's John Ptak, who will be representing the US rights. Icon will introduce the project to buyers at the Cannes market.
The 1971 true story was also loosely the basis for Oliver Hirschbiegel's 2001 German hit Das Experiment.
Martin Bigham, Icon's CEO, described the film as 'a unique and powerful thriller that's relevant on many levels. We are delighted to be bringing something a little bit different to the marketplace.'
Infinity's credits include Capote and the forthcoming Push. Maverick has other projects in development including Hilary Swank starrer Labyrinth and The Stepfather for Sony/Screen Gems.