Chris Coghill, who played Happy Mondays star Bez in Michael Winterbottom's 2002 biopic, has written the script for the as-yet-unnamed project, BBC News reports.
It is being made by Misfits director Tom Green and centres on an unsigned band from a council estate around the time of the Roses' 30,000-capacity show at Widnes, Cheshire.
Green said: "This is a raw and truly authentic rites-of-passage story.
"It's full of the humour, heartache, dreams and fears of being part of a brotherhood of mates, and set to the greatest record ever written. The Roses died in '95. This is the resurrection."
Co-producer Fiona Neilson of Fiesta Productions added: "The Stone Roses changed our teenage lives and Chris has captured that perfectly, creating a screenplay that will appeal both to fans and to a broad audience who will fall in love with the characters and their story."
Filming will begin later this year. The movie will not feature any celebrity cameos.