The BAFTA-winning Brit, who previoulsy helmed Moon and Source Code, will direct the biopic about the mysterious James Bond creator.
The movie will explore how Fleming's real-life experiences of travelling the world and planning top-secret operations inspired his novels.
"Fleming lived through one of the most perilous periods in world history, in a position that allowed him a unique vantage point of all the players, all the stakes," Jones said.
"He witnessed true heroism first-hand. And he saw the evil men could do. Then, when the war ended, he went off to write fiction. The essential question for me is: Where did Ian Fleming end and Bond begin?"
Jim Young and Robert Laycock of the Ian Fleming Estate will work in association with K5 Film (owned by Oliver Simon and Daniel Baur), PalmStar Media Capital's Kevin Frakes and Liberty Films' Stuart Fenegan to produce the project. K5 International will handle worldwide rights.
Casting for the film, based on Andrew Lycett's biography Ian Fleming: The Man Behind James Bond, is currently taking place. The project, the first to be given full support from Ian Fleming's estate, is expected to go into production later this year.
Frakes said: "Fleming is a larger than life character and it's fantastic to be bringing him to the big screen with Duncan."
Photo gallery - 65 years of the Cannes Film Festival: