Kevin Ping Chang, production executive at Shadow of the Colossus film company, Misher Films, has said a cultural gap between Japan and Hollywood has made the project "complex".
In the interview with Playtilldoomsday, Chang remained optimistic about the project, considering it as a challenge in mixing two differing art forms to retain the original vision of the game.
"In our dealings with our Japanese partners there has been a cultural gap, but in a good way," he said.
"There is a certain art form that comes from the East, different than what we find in the West - how do you mix those together and still capture the game's vision?"
Fortunately, game head Ueda-san's familiarity with Western cinema has proved to be an important tool in the project, with films such as WALL-E used to convey the vision and overcome the barriers.
"Something like WALL-E breaks down the barriers between cultures," said Chang.
The movie man suggested that Japan's lack of familiarity with the Hollywood film-making process is largely to blame, but that the mutual respect for both mediums has helped production.
"There is a lot of etiquette involved, but a lot of that comes from the fear of them not knowing the filmmaking process," he said.
"Of course, a lot of film people now are part of a generation that grew up with video games, so there is mutual respect for game creators."
Fans of the game will be pleased to know both Sony Japan and Team Ico are involved in the film project, with Ueda-san regularly consulted on his vision for the game.
Sony is releasing a HD Team Ico Collection for the PS3.