The film has the full backing of Prince's estate. The singer had also previously reached out to DuVernay about working together before his death in April 2016, Deadline reported.
DuVernay, editor Spencer Averick and other members of the production crew have been visiting Prince's Minneapolis-area property, Paisley Park, and recording studios.
"Prince was a genius, a joy and a jolt to the senses. He was like no other. He shattered preconceived notions, smashed boundaries, and shared his heart through his music. The only way I know how to make this film is with love and great care. I'm honored to do so and grateful," DuVernay said in a statement.
Prince's death investigation was closed in April with no criminal charges being filed. An autopsy report stated that Prince had died from a fatal, self-administered dose of fentanyl, a powerful painkiller.
A documentary about Prince and the Revolution's concert at Minneapolis' First Avenue in 1983 is also in development at Apple, Variety reported. The concert featured several songs that would later appear on the Purple Rain album.
DuVernay is best known for helming Selma, A Wrinkle in Time and 13th for Netflix, a documentary about the prison system in the United States and racial inequality. She is also set to direct The New Gods for Warner Bros., a superhero movie based on the DC Comics series created by the late Jack Kirby.