'I Wanna Dance with Somebody' will chronicle the life of the late singer who passed away in the year 2012, at the age of 48.
The project is being shepherded by the Whitney Houston Estate, music producer Clive Davis and Primary Wave Music.
"From all my personal and professional experience with Whitney from her late teenage years to her tragic premature death, I know the full Whitney Houston story has not yet been told," Fox News quoted Davis' statement.
He also added that McCarten's script will finally reveal the "whole Whitney whose vocal genius deeply affected the world while she fiercely battled the demons that were to be her undoing."
In her illustrious 25-year-long career, the singing sensation had sold more than 200 million records worldwide and won six Grammys, 16 Billboard Music Awards, and two Emmys before her death in 2012.
As cited by Fox News, McCarten, who was nominated by the Academy for his scripts including 'The Theory of Everything', 'The Darkest Hour' and 'The Two Popes', said in a statement that he's grateful to be working closely with the people who knew Houston best.
( With inputs from ANI )