Alfonso Gomez-Rejon is also in talks to direct the Weinstein Company film written by Michael Mitnick.
The movie takes place in the late 1880s and revolves around power titans Edison and Westinghouse's battle over the supply of electricity. Edison championed the use of a direct current for electric power distribution over an alternating current, which was backed by several European companies and Westinghouse Electric.
TWC will finance and distribute the film.
Timur Bekmambetov, who was originally eyed to direct the movie, will produce alongside Film Rites' Steve Zaillian and Garrett Basch.
Jake Gyllenhaal is currently shooting Tom Ford's Nocturnal Animals, Benedict Cumberbatch is about to start filming Marvel's Doctor Strange and Gomez-Rejon is working on Collateral Beauty. Gyllenhaal also has the Boston Marathon bombing film Stronger on his slate.
Gyllenhaal is coming off a strong festival season after Everest and Demolition premiered at the Venice and Toronto film festivals, respectively. Gyllenhaal most recently worked with with Weinstein Co. on the boxing drama Southpaw.
Cumberbatch can currently be seen in Warner Bros.' Black Mass.
Gomez-Rejon, is coming off strong reviews for his Sundance pic Me and Earl and the Dying Girl and had been weighing several other directing offers.