Felt follows the story of the whistleblower known as "Deep Throat."
"The true identity of the secret informant remained a mystery and source of much public curiosity and speculation for more than 30 years," a synopsis said. "That is until, in 2005, Special Agent Mark Felt shockingly revealed himself as the tipster. This unbelievable true story chronicles the personal and professional life of the brilliant and uncompromising Felt, who risked and ultimately sacrificed everything -- his family, his career, his freedom -- in the name of justice."
Bateman, 46, will play FBI Agent and Felt lieutenant Charlie Bates "who discovers Felt is leaking classified information on the Watergate investigation, and is conflicted about whether to destroy his mentor or protect him."
Peter Landesman wrote the screenplay for the movie, and is set to direct and produce it.
Principal photography is to begin in March.