"This was a wild and pivotal time in my life and I couldn't be more thrilled to go down the rabbit hole with Steven," Tatum, 31, said in a statement (via The Huffington Post).
Soderbergh is equally excited about the project. "When Channing talked to me about this, I thought it was one of the best ideas I'd ever heard for a movie," the Oscar-winning director said. "I said I wanted in immediately. It's sexy, funny and shocking. We're using Saturday Night Fever as our model, so hopefully we're on the right track."