"Cartel Land" helmer Matthew Heineman is directing the film, which features Rosamund Pike as the American journalist, reported Variety.
Colvin covered major conflicts across the world from Chechnya to Sri Lanka, where she lost the sight in her left eye in 2001. Colvin died in 2012 during a rocket attack while covering the Siege of Homs in Syria for the UK's Sunday Times.
The biopic is produced by Thunder Road Pictures' Basil Iwanyk and Kamala Films' Marissa McMahon, as well as Denver and Delilah Films. Erica Lee is the executive producer.
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