The Looper star will take the lead role in the biopic Love & Mercy, which is based on the life of the troubled musical legend.
The producers are looking for a second actor to portray Wilson as an older man.
The film will cover several decades of the musician's life, including his struggle with mental illness and his relationship with his wife Melinda.
"I am thrilled that Paul Dano has signed on to play me during one of my most creative explosions and most fulfilling musical times in my career," said Brian Wilson.
"I still can't believe how cool it is that my life will be portrayed on the big screen and to have Bill Pohlad as the captain of the Sloop John B is amazing! It just makes me feel so humble. I can't wait to see it with a full tub of buttered popcorn."
Pohlad will direct, with Academy Award-winning composer Atticus Ross (The Social Network) currently in talks to join the project.
Production on Love & Mercy is expected to begin in summer 2013.
Watch The Beach Boys' 'God Only Knows' video below: