The film is set to star Gina Gershon as Donatella Versace, Enrico Colantoni as Gianni Versace and Colm Feorge as Donatella's brother, Santo, The Hollywood Reporter said.
The film is based on The Wall Street Journal reporter Deborah Ball's book, "House of Versace: The Untold Story of Genius, Murder, and Survival."
The story focuses on Donatella after Gianni's death and she is thrust into the spotlight as head designer for the family's fashion empire. Donatella becomes addicted to drugs and nearly bankrupt's the fashion company.
Welch's character, along with other family members help Donatella overcome her problems and lead the brand to be one of the most powerful fashion houses ever.
The film is executive produced by Ronald Gilbert and Robyn Snyder and is being directed by Sara Sugarman. It will premiere Oct. 5 on Lifetime and will be followed by a documentary, "Versace: Beyond the Headlines."