Screenwriter Cheo Hodari Coker will adapt Bill Adler's Tougher Than Leather - The Rise Of Run DMC for DJ Classicz, the urban department at Davis Entertainment.
"It's an extraordinary rags-to-riches journey that I'm eager to bring to the screen," DJ Classicz president Dallas Jackson told Reuters.
"I'm hoping to have Run, DMC and Russell Simmons's involvement. This will be a big movie about the 1980s hip-hop movement that took over the world."
The story will follow the ascent of hip-hops pioneering stars Joseph 'Run' Simmons, Darryl 'DMC' McDaniels and Jason 'Jam Master Jay' Mizzell, who rose to fame with hits including 'Walk This Way' and 'It's Like That'.
Run DMC retired following the death of Mizzell in a drive-by shooting outside his studio in October 2002.
The band will be inducted into the Rock And Roll Hall Of Fame in Cleveland on April 4.