Baldwin, 56, will portray Bob Maheu, who was Hughes' lawyer, reported Deadline.
The film will tell the love story between Hughes' assistant (Alden Ehrenreich) and his young lover (Lily Collins).
Beatty is set to direct, produce and star as Hughes. The project already cast Martin Sheen, Annette Bening and Matthew Broderick.
Back in February, Baldwin announced in his New York magazine essay that he was retiring from the public life after being portrayed as a "homophobic bigot" by the media.
The former '30 Rock' actor made headlines when it was claimed he used an anti-gay slur against a journalist last year.
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