Variety reports that Cameron will direct a film at 20th Century Fox about the love story between freediver Francisco "Pipin" Ferreras and wife Audrey Mestre.
After learning the extreme sport of freediving under the tutelage of her Cuban-born husband and breaking his record, Mestre died last year as she tried to better her world mark of descending 557.7 feet while holding a single breath of air in her lungs.
Lightstorm Entertainment has acquired Ferreras' life rights, along with the autobiography the diver is writing for ReganBooks, and a recent Gary Smith-penned Sports Illustrated cover story titled "The Deadly Dive." Cameron will produce with Lightstorm partners Jon Landau and Rae Sanchini.
Cameron recently directed the 3-D documentary "Ghosts of the Abyss," but he hasn't directed a scripted feature since setting the all-time box office record and winning the best picture Oscar for 1997's "Titanic."