The studio has tapped Malcolm Spellman (Dead Presidents) to write the script. Darryl Porter, Aaron Geller and Don Cornelius, who hosted the show from 1971 to 1993, are on board as producers.
Soul Train featured performances from R&B, soul and hip hop artists. The show came to an end in 2006 after 1,117 episodes.
Spellman, who will set the movie in the '80s, told Variety: "All of the hip hop street dances you see today were born during that time period and were first seen on that show, and I remember doing all of them when I was a kid."
The story will follow a young street dancer as he takes part in a tour with other dancers and musical acts.