So far the film has no name and no actors have signed on, Variety reported.
Hancock and Netter previously worked together on another sports-related film, The Blind Side.
Since he retired from baseball in 1996, Dykstra's financial empire has been investigated several times and at one point he filed for Chapter 11 bankruptcy.
He pleaded guilty in 2012 to bankruptcy fraud, concealment of assets and money laundering, and he was sentenced to six months in prison, in addition to 500 hours of community service and paying $200,000 in restitution.
Swim Week Miami Beach 2014 [PHOTOS]