Hutchence died of an apparent suicide in 1997 after INXS enjoyed a stellar run at the top of the charts in the 1980s.
"I've been a writer for 35 years and this is something I've wanted to do for over a decade and everything has now come together," Galinsky told the Australian Broadcasting Corp.
Galinsky said Hutchence's life and death will be chronicled from the point of view of his family.
The script will be based on a biography written by Hutchence's mother and sister, Rolling Stone said.
"It's not a sex, drugs and rock and roll tabloid situation," said Galinsky. "Who was Michael Hutchence? What drove him? What were his demons and his loves?"
The BBC said Galinsky, who wrote the 1990 film "Flatliners," has been interviewing actors and would finalize casting next year.
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