Partly a celebration of the 100th anniversary of Carnera's birth, the film will be directed by Renzo Martinelli with a cast that includes Joe Pesci and Giancarlo Giannini, ANSA reported.
Former world middleweight champion Nino Benvenuti and Carnera's daughter, Giovanna Maria, are acting as consultants on the film, which is due for release next year.
Carnera got into the fight game to support his two children in the Depression years and rose to win the championship from Jack Sharkey in June 1933. He lost his title the following year to Max Baer.
"They used to say he wasn't skillful," Benvenuti said. "That's false. He had one of the best jabs I've ever seen in a boxer of that size. And he had a very good uppercut. They created false legends about him."
Beyonce flaunts bikini body, Blue Ivy in vacation pics
Couple mistakenly served bag of cash at McDonald's drive-thru