The streaming service has obtained the exclusive life rights to Hogan, real name Terry Bollea, and is in the early stages of developing the project.
Filmmaker Todd Phillips (The Hangover) is set to direct the film, based off a script by Scott Silver and John Pollono. Phillips and Silver have recently collaborated on upcoming DC Comics film The Joker.
Phillips is also producing alongside Bradley Cooper, Michael Suger, Hemsworth and Eric Bischoff with Hogan serving as an executive producer alongside Ashley Zalta. Steve Desmond and Michael Sherman are co-producing.
Bischoff is the former president of World Championship Wrestling or WCW, the main competitor of WWE in the 1990s. Bischoff worked closely with Hogan for years when the grappler moved over to WCW from WWE.
The film will follow Hogan's rise to becoming a star and the face of the WWE during the 1980s.
Hemsworth will next be seen reprising his role as Thor in Avengers: Endgame and in Men in Black: International.