The studio officially acquired the feature film rights to EA's racing series last month.
Scott Waugh (Act of Valor) is attached to direct the movie, with a target production start date of early 2013. Brothers George and John Gatins (Real Steel, Coach Carter) have developed an original story for the film not based on any individual game.
The big screen adaptation is described as "a fast-paced, high-octane film rooted in the tradition of the great car culture films of the 70s while being extremely faithful to the spirit of the video game franchise".
Various developers have got their hands dirty with Need for Speed in recent years with mixed results, but from now on the franchise will be solely in the talented hands of Burnout developer Criterion. The series has sold over 140 million copies worldwide.