Arianda, who won a Tony earlier this year for her role in Venus in Fur, is to take on the lead role in Joplin, reports Deadline.
The actress's previous film credits include Win Win, Midnight in Paris and Tower Heist.
Arianda will perform Joplin's songs herself in the movie, which focuses on the last six months of the singer's life and flashes back to her early career.
Producer Peter Newman said of Arianda's casting: "I've never in my life seen an actress walk on a stage and convey the duality of vulnerability with overheated sexuality, which is what Janis was all about."
The project has been in development for 12 years, with Pink and Zooey Deschanel attached to play Joplin at one stage. Amy Adams and Renée Zellweger have also been linked to roles in rival Joplin projects.
Joplin's popular tracks include 'Down on Me', 'Me and Bobby McGee' and 'Piece of My Heart'.
Watch Janis Joplin sing 'Piece of My Heart' below: