LeBron donning his Hollywood hat

Basketball megastar LeBron James will produce his first movie, based on a real-life prank in which a humor writer fooled people into believing he was an NBA draft pick, a source said on Wednesday.

The movie, which the Cleveland Caveliers forward is producing with New Line Cinema, is the first film for his production company, SpringHill Entertainment, which signed a contract in July with New Line's parent company, Warner Brothers.

The film is inspired by a hoax carried out by Connor Toole, a writer for the humor website Elite Daily, a source briefed on the project said, confirming a report on entertainment industry website Deadline Hollywood.