The announcement was made on Wednesday, the 78th anniversary of Gehrig's retirement from the New York Yankees.
According to Variety, the baseball team has given its endorsement to the new project "The Luckiest Man on the Face of the Earth".
The film will be directed by Jay Russell and based on the biography "Luckiest Man" by Jonathan Eig, with a screenplay adaptation by Dan Kay.
The movie will focus on Gehrig's playing career from 1923 to 1939, when it was cut short by Amyotrophic lateral sclerosis, and his relationship with his wife Eleanor.
The title is taken from a speech Gehrig gave at Yankee Stadium two weeks after his retirement.
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