According to The Hollywood Reporter, Bobcat Goldthwait is writing and directing the picture, based on the band's 1975 LP.
Kinks frontman Ray Davies is executive producing the movie, which centres on a student who vows to fight back against 'the Establishment' and later becomes Mr Flash, the villain of the Kinks's albums Preservation Act 1 (1973) and Preservation Act 2 (1974).
"Schoolboys in Disgrace is a story that any kid who has felt that they are not being treated fairly can relate to, all set to some of the greatest rock songs you'll ever hear," Goldthwait said.
He added: "It's the genesis story of a supervillain set to music. It's the story of the world's most charming criminal and a realistic high school musical for all the kids who hate sugary, sweet, unrealistic high school musicals."
The announcement was made days after the death of original Kinks bassist Pete Quaife, who parted ways with the band before the recording of Schoolboys.