The project will be directed by James Watkins, who directed Radcliffe in the box office horror smash Woman In Black.

While Radcliffe begins to train to run like Coe, it is not yet known who will play Ovett, who has so far refused to cooperate with the project.

Beaufoy, who won an Oscar for Slumdog Millionaire in 2009, said earlier this year the film was "a brilliant story" with a "perfect end".

"I hadn't realised how good it was until you dig into their past," he said.

"They were fantastically different athletes and different people.

"And they rarely met..apart from on the track - but not very often, even on the track."

Steve Ovett won the 800 metres at Moscow 1980 but Sebastian Coe bounced back to claim the gold medal in the 1500m

Coe and Ovett were fierce rivals from their junior days, but rarely raced each other at the pinnacle of their respective careers.

Prior to Moscow 1980 they were recognised as two of the greatest runners in history with Coe favouring the 800 metres and Ovett the 1500m.

Yet on the day, it was Ovett who took gold in the shorter distance, while Coe triumphed over the longer race.

Four years later in Los Angeles, Coe took silver in the 800m and retained his 1500m gold.

Ovett, crippled by respiratory problems, was unable to offer serious competition.

Coe went on to be a Conservative MP, and oversaw last year's successful Olympics and Paralympics in London.

The former world record holder at 800m and 1500m was made a Life Peer in 2000.

Ovett retired from athletics in 1991 and now lives quietly in Australia.

The new film about Sebastian Coe and Steve Ovett is based on Pat Butcher's book, The Perfect Distance, which was published in 2005

Gold, which has been developed by BBC Films, the British Film Institute (BFI) and AL Films, is due to begn shooting in the UK and Russia in April next year.

Butcher, whose book The Perfect Distance was published in 2005, will act as a consultant on the film, whose working title was Second is Nowhere.

"Compelling, funny and moving, Gold is a gem of a story and BBC Films is proud to be participating in bringing it to an international audience," said Christine Langan of BBC Films.

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February 2010: Coe and Ovett rivalry to be turned into film