Sinatra has been acquired by Universal from Mandalay Pictures and will be helmed by Scorsese and penned by Field Of Dreams screenwriter Phil Alden Robinson.
The company has purchased the life and music rights of the crooner from the Sinatra Estate and Warner Music Group.
Sinatra's daughter Tina said: "My father had great admiration for the talent of the people he chose to work with, and the talented people who worked with my father had great admiration for him.
"It is personally pleasing to me that this paradigm continues with Marty Scorsese at the helm of the Sinatra film."
Mandalay chairman Peter Guber added: "We have dreamt of making a movie about Frank Sinatra, and Marty Scorsese is undeniably the perfect vision keeper for this project."