Is it possible to send project from iMovie 10.1 to Final Cut Pro 7.0? I'm unsure because the "Send movie to Final Cut Pro" option is missing from the File menu whatever project I try to open.

Is there something I need to do to have this option?
Well according to Apple you need to upgrade to Final Cut Pro X. Just US$ 300 bucks. More info here: https://help.apple.com/imovie/mac/10.1/#/movcbf7e2a3f

A cheaper alternative would be exporting a XML and use FCP 7 to import the file and then reconnect the media you used on iMovie.



Last case scenario: do most of the work over iMovie and export a big quicktime clip to open in FCP 7 and finish your project.