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The film, entitled Playboy, will be directed by Rush Hour filmmaker Brett Ratner, and Academy Award-winning producer Brian Grazer and is expected to feature the history of the mogul's magazine career as well as his sexual escapades.
The 81-year-old, who sold his life rights to Grazer several years ago, approved the duo's vision for the project last week.
Ratner says, "Hef came from a puritanical upbringing and reinvented himself to be the godfather of the sexual revolution. He broke all kinds of taboos, especially in sexuality.
"I want to show it all, from the First Amendment struggles to his first orgy to the stroke in the 1980s that almost killed him."
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