The pope will be played by Dario Grandinetti, a prolific 55-year-old actor who gained international recognition with his 1992 film "The Dark Side of the Heart" and is also known for his role in Spanish director Pedro Almodovar's 2002 film "Talk to Her.
Filming will begin in January under Spanish director Beda Docampo Feijoo, producer Pampa Films told AFP.
The script is based on Argentine Vatican correspondent Elisabetta Pique's biography "Pope Francis: Life and Revolution."
The film will be shot on location in Buenos Aires, Madrid and Rome, and producers hope to release it in mid-2015.
"We hope this film will transmit the admiration all of us feel for the coherence of a life based on austerity and charity, and that will inspire people," Docampo Feijoo told The Hollywood Reporter.
Born Jorge Bergoglio, Francis formerly served as archbishop of Buenos Aires, where he was known for his work in poor communities and his ardent support of Argentine football club San Lorenzo.