Medavoy, Arnold Messer, Brad Fischer and James Vanderbilt will produce and Erik Van Looy will direct from an original screenplay by Holly Brix.
The producers are out to casting on the project, which is set for a late 2007 start and is being financed by Grosvenor Park and sold by Nicolas Chartier's Voltage Pictures.
Mile Zero takes place in Alaskan Arctic as a woman whose mother was suspected of a drilling station massacre 20 years earlier returns to the site as the murders begin to re-occur.
'I am proud to be in business with such notable producers,' Chartier said. 'Mike, Arnold and Brad's years of producing experience, along with this great commercial script, will sure to be a win-win for all involved.'
Voltage's Cannes slate includes thriller Tortured with Laurence Fishburne and Cole Hauser, Kathryn Bigelow's Iraq War drama The Hurt Locker, and the fantasy-drama Phoebe In Wonderland starring Elle Fanning, Felicity Huffman, Patricia Clarkson, Bill Pullman and Campbell Scott.