The film will be based on a Robinson biography written by Wil Haygood, and produced by Moneyball's Rachel Horovitz, Game Change writer Danny Strong and Oyelowo.
Deadline reports that the project came together on the set of Lee Daniels's The Butler, in which Oyelowo stars and Danny Strong wrote.
Sweet Thunder will chronicle Robinson's history-making career, and focus on his struggle to avoid the control of organised crime in the boxing circuit.
Oyelowo currently stars in The Paperboy and Middle of Nowhere.
He will later this year star in Lincoln and Jack Reacher.
Watch the trailer for Jack Reacher below: