In an interview with talkshow host Anderson Cooper, the Ted star said: "We were at Paramount pitching a different movie and we had the meeting and I said, 'Hey, by the way, what do you think about me and Justin Bieber in a like Color Of Money-type of basketball, street hustler movie?'
"They bought it in the room in five seconds. So we developed the script, the studio loves it, his camp loves it."
Unfortunately, with both Wahlberg and Biebs busy with other commitments, it's unlikely the project will happen until next year.
According to Digital Spy, Wahlberg went on: "He's touring and I'm doing Transformers, Ted 2 and another movie so we will probably do it next year. If I don't do it, we will do it with him and someone else and I'll product it."
Discussing the plot further, the actor said: "I'm the hustler and he's the kid I have to reluctantly mentor because he's a very good basketball player.
"We got the idea when we saw him playing basketball in a celebrity thing, and I play a lot of basketball, so we thought it would make for an interesting movie.
Wahlberg added: "I think if he's in the right project, I think he could be very good."
In other Bieber news, the Boyfriend singer has won a legal battle against a woman who claimed her hearing was damaged by the screaming at one of his concerts.
Stacey Betts had filed the lawsuit last year, saying she had suffered permanent damage to her hearing in 2010 by "a sound blast that exceeded safe decibel levels".
However, according to TMZ, Betts filed documents last week asking the court to dismiss the case because she does not have a lawyer.
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