Russell Crowe has reportedly bought the rights to one of Australia's most dramatic stories, the wreck of the Batavia and the subsequent mutiny, slaughter and rescue of the surviving crew and passengers on a deserted island off the coast of Western Australia.

Street press magazine Freo Streetwise, published by Perth journalist Carmelo Amalfi, first published the news that Crowe's Fear of God production company had optioned the rights to the version of the Batavia story told by Hugh Edwards in his 1966 book Islands of Angry Ghosts.

Russell Crowe in Peter Weir's Master And Commander. Is he about to take the wheel on another maritime drama?

Crowe has reportedly bought a 12-month option – which is standard practice in such matters – with an option to extend for a further 12 months. Noting that it could take some time for a screenplay to be production-ready, 83-year-old Edwards observed wryly that by the time shooting began "I may not be here".

Fairfax understands that negotiations between Crowe's company and representatives of Peter FitzSimons are ongoing regarding the option on a second book, the journalist-author's "creative non-fiction" telling of the story in 2012's Batavia.