"Cadillac Records" was written by and will be directed by Darnell Martin, The Hollywood Reporter said Wednesday.
Martin previously worked on the TV movie "Their Eyes Were Watching God."
Knowles, who has starred in "Dreamgirls" and "Austin Powers in Goldmember," will portray iconic singer Etta James in "Cadillac Records." She will also record four songs for the soundtrack, The Hollywood Reporter said.
Adrien Brody is set to play label founder Leonard Chess, while Jeffrey Wright is to play Muddy Waters, Cedric the Entertainer is to play Willie Dixon and Columbus Short is to play Little Walter, the trade paper said.