The three actors will star in the Kasi Lemmons-directed musical from Fox Searchlight, reports Blackfilm.com.
The movie centres around a teenage boy from Harlem who is sent to stay with grandparents he has never met.
The Christmas sermons of his grandfather teach him the meaning of family and faith.
Actor/director Lemmons will write the film based on the gospel music of Langston Hughes.
Samuel L Jackson was previously rumoured for Whitaker's role.
Whitaker will next be seen in The Last Stand with Arnold Schwarzenegger and in the starring role in Lee Daniels's The Butler.
Bassett will next appear in White House siege movie Olympus Has Fallen, and Hudson in The Inevitable Defeat of Mister and Pete.
Watch a trailer for The Last Stand below: