Variety.com said Abel Ferrara is directing the big-screen re-telling of the classic Robert Louis Stevenson tale, which was originally set in late 19th century England.
Whitaker and 50 Cent, whose real name is Curtis Jackson, are to play the title characters in Ferrara's film, which is titled "Jekyll and Hyde." The entertainment industry trade newspaper didn't say who would play the doctor and who would portray his murderous alter ego.
"The combination of such formidable talent in front of and behind the camera will turn this wonderful gothic story into a modern classic for a whole new generation," executive producer Luc Roeg told Variety.com.
Whitaker won an Oscar for his work in the film "The Last King of Scotland."
Jackson has appeared in the movies "Get Rich or Die Tryin,'" "Home of the Brave" and "Righteous Kill."