IndieWire reports that Ang Lee is prepping a big screen adaptation of Yann Martel’s Booker prize-winning LIFE OF PI. Gil Netter is producing. The story follows a shipwreck that leaves a young boy stranded in the ocean on a life raft with a zebra, a hyena and a tiger. FINDING NEVERLAND scribe David Magee adapted the screenplay.

The film will be shot in 3-D. Netter is currently looking for locations in Taiwan and Pondicherry, India with August set for the start of production. Studio hopes to have the film ready for a 2012 release.

Filmmakers who have all circled the project in the past include M. Night Shyamalan, Alfonso Cuaron and Jean-Pierre Jeunet.