The film will follow the Godfather of Soul's journey from poverty in North Carolina to becoming one of the most influential black artists in history. The iconic musician died of congestive heart failure in late 2006.
The screenplay comes from writers Jez and John Butterworth.Brian Grazer and Mick Jagger will be producing.
Here is what the front-man for the Rolling Stones had to say about joining the project.
Tate Taylor made his debut with Pretty Ugly People and is best known for helming The Help.
No production schedule has been released for this project.