Working Title did not immediately respond to a request for comment.
John Hodge ("Trainspotting") has written the fact-based script, which follows Armstrong life and career, including his bout with cancer and the doping scandal that marred his Tour De France titles.
Tim Bevan and Eric Fellner are producing for Working Title, and production could start as early as this fall.
The wheels are in motion on several other projects about Armstrong's shocking fall from grace, including a Warner Bros. movie from "Side Effect" writer Scott Z. Burns and a Paramount movie from producer J.J. Abrams.
Foster next stars in David Lowery's "Ain't Them Bodies Saints" and John Krokidas' "Kill Your Darlings," both of which earned strong reviews at Sundance earlier this year. He also stars alongside Mark Wahlberg in Peter Berg's "Lone Survivor," which Universal opens on Dec. 27. He's repped by WME.