Ray -- who wrote Captain Phillips and The Hunger Games -- based the script for the film on a Vanity Fair article about the security guard who was falsely accused of being the 1996 Atlanta Olympics bomber. The piece was written by Marie Brenner in 1997.
Hill will take on the lead role of Jewell while DiCaprio will play his lawyer and friend in the film. The duo will also co-produce the flick along with Kevin Misher, Jennifer Davisson Killoran and Andy Berman.
According to the Independent, Jewell discovered the bomb-bearing backpack, reported it and helped clear out the area before it went off. Days later he became a terrorism suspect and the subject of a media frenzy accusing him of planting the bomb.