TITANIC director James Cameron will be heading back to the water for his next movie project, THE DIVE.

The film will tell the true tale of legendary free-divers and lovers, FRANCISCO 'PIPIN' FERRARAS and his wife, the late AUDREY MESTRE, who died attempting to beat her own world record in 2002.

The couple participated in the dangerous and controversial sport of free-diving - a competition to see who could can dive the deepest underwater on a single breath of air.

The movie will begin shooting as soon as Cameron wraps up his latest film, tentatively titled PROJECT 880.