Film producer Kelly Slattery says she's teaming up with the Fox family and The Terry Fox Foundation to depict the story of the late amputee, who set out to run across Canada at age 21.
Slattery says 100 per cent of the profits would go to cancer research managed by the Terry Fox Research Institute.
Fox, who suffered from an aggressive form of bone cancer, began his "Marathon of Hope" on April 12, 1980.
He ran 5,373 kilometres over 143 days until cancer spread to his lungs and he was forced to stop.
Fox died on June 28, 1981, at age 22.
Fox's brother Darrell says he's excited by the prospect of a new a film and Slattery's decision to donate the profits.
In 2005, the TV movie "Terry" featured Shawn Ashmore as the inspirational runner. The new film is intended for initial theatrical release in December 2014.