According to Deadline, the Blue Valentine actor will helm and star in an updated version of the classic movie for MGM, which tells the story of rock promoter and producer Bob Marcucci.
The original was directed by Taylor Hackford and starred Ray Sharkey, who won a Golden Globe Award for his performance as Vincent 'Vinnie' Vacarri.
Gosling will next be seen in Hollywood stuntman drama Drive and recently-completed comedy Crazy, Stupid, Love.
In February, the 30-year-old won the lead role in Warner Bros' Logan's Run remake.
Watch Ryan Gosling in the Crazy, Stupid, Love trailer below: