The 'Candy Shop' rapper will star alongside Gyllenhaal, Forest Whitaker, Lupita Nyong'o and Rachel McAdams in the boxing movie, reported Contactmusic.
The 38-year-old rapper has already begun filming under director Antoine Fuqua in Pittsburgh.
The film centres on the welterweight boxer as he struggles to improve his career while battling with substance abuse.
Nyong'o's social worker character will care for the sportsman's daughter and her profession will eventually lead her to become involved in the life of the fallen boxer.
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