Corman is the founder of New World Pictures and the man behind such cult classics as The Masque Of The Red Death (1989), Little Shop of Horrors (1960) and Death Race 2000 (1975).
The Man With Kaleidoscope Eyes will be produced by Said Ben Said of SBS Productions.
Set in Hollywood in the late 1960s, the film is billed as a comedy. Corman is to make a cameo as himself and has given the project his full blessing.
SBS is likely to handle sales as well as to produce the film, which will be financed through European sources.
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