Originally written by author Christopher Rush, "Will" follows an ailing Shakespeare as he has a fictional meeting with his lawyer regarding the details of his last will and testament, The Hollywood Reporter said Saturday.
The fictional book was released worldwide by publisher Beautiful Books Thursday, prompting Kingsley's studio to quickly acquire the film rights to the literary work.
The "Gandhi" star said he was immediately struck by "Will" and said he is honored to be able to work on the production with his partners, Valerie Hoffman and Simone Sheffield.
"Christopher wrote the most amazing, literate and entertaining novel I've read in years, and I'm both honored and excited to be part of bringing 'Will' to life," Kingsley said.
The Reporter said the film, that will mark SBK Pictures' first production, will begin filming in Britain sometime next year.