Titled All Is By My Side, the film will focus on Hendrix's time in England from 1966 to 1967 as he worked on his debut album Are You Experienced, reports IFTN.
The biopic will be written and directed by John Ridley, who was involved in writing Three Kings, Undercover Brothers and this year's Red Tails.
It will be produced by three production companies - Darko Entertainment, Matador Pictures and Subotica Entertainment - under the banner of Watchtower Film Productions.
All Is By My Side, which is in pre-production right now in Wicklow, is expected to start shooting this month in Ireland for six weeks.
Andre 3000 has been rumoured for the Hendrix role since last year, with Laurence Fishburne and Lenny Kravitz also having been linked to the role.
'Whatcha Say' singer Jason Derulo revealed that he turned down the part to concentrate on his music.
Watch Jimi Hendrix perform live in Sweden below: