The film, which also stars Morgan Freeman, is based on a book by John Carlin about post-apartheid South Africa, reports Variety.
Pienaar is credited with working alongside Nelson Mandela in creating an event that black and white South Africans could unite behind and support.
The pair formed a strong relationship when South Africa hosted the Rugby World Cup in 1995.
The movie will begin shooting in South Africa in early 2009.
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