According to The Hollywood Reporter, the film will highlight the competitors famous battles on the tennis court from the 1970s and 1980s.
The pairs two Wimbledon finals in 1980 and 1981 are considered some of the greatest tennis matches of all time.
Swedish actor Sverrir Gudnason will portray Borg with Stellan Skarsgard set to play Borg's coach Lennart Bergelin. Danish filmmaker Janus Metz will direct.
LaBeouf was on hand to promote the project Sunday at the Cannes Film Festival sporting hair similar to McEnroe's while he discussed his latest film, Cannes selection American Honey about a traveling magazine sales crew.
"Jake is me. So is McEnroe. That's it, man," the actor said to USA Today at the event referring to how he relates to McEnroe and his American Honey character Jake. "I understand these people, I empathize with them. I get it. You turn things up and turn things down. It's me."
LaBeouf admitted that he doesn't play tennis but that his backhand "is getting there."
Production on Borg/McEnroe begins this fall with a planned 2017 release date.