The film project was announced Wednesday by Killer Films Presidents Christine Vachon and Pamela Koffler.
The most successful pin-up model of the 1950s, Page's legendary bondage photographs made her the target of a Senate investigation into pornography and turned her into one of the first American sex icons.
The film is set to be directed by "I Shot Andy Warhol" filmmaker Mary Harron from a script by Harron and "American Psycho" scribe Guinivere Turner.
Also starring in the film are "Six Feet Under" actress Lili Taylor, "Twisted" star David Strathairn and "Gangs of New York" actress Cara Seymour.
Best-known for her performance in "Rounders," Mol recently appeared in Neil LaBute's film "The Shape of Things" and wrapped a run in the Broadway musical "Chicago."