Variety reported Wednesday that King, 50, will produce and star in the forthcoming film.
Shirley is produced by Participant and is written and directed by John Ridley, known for 12 Years a Slave. King will produce with Reina King, while Jeff Skoll and Anikah McLaren will serve as executive producers.
The new biopic centers on Chisholm, the first Black U.S. congresswoman, and her 1972 presidential campaign. The film aims to give an intimate, behind-the-scenes portrait of Chisholm during a seminal period in American history.
"Regina's passion for bringing a complete and very human portrait of Shirley to life has been evident since literally the day we first met," Ridley said in a statement to The Wrap. "I'm very thankful to both Regina and Reina trusting me to partner in telling the story of this truly remarkable individual."
King and Ridley previously collaborated on Ridley's ABC series American Crime.
"Shirley Chisholm's fearless determination has been an inspiration to so many of us, and with this film we hope to inspire many generations to come," King said. "To collaborate once again with my friend and mentor, John Ridley, and the team at Participant, makes this decade-long journey even sweeter."
King is known for playing Angela Abar, aka Sister Night, on Watchmen. She made her feature film directorial debut with the 2020 movie One Night in Miami, which is nominated for three Golden Globe awards, including Best Director for King.