According to The Hollywood Reporter, the project became a hot commodity in Hollywood before it was snatched up by Annapurna Pictures.
The studio picked up a pitch from Charles Randolph, the screenwriter who won an Oscar for writing about the financial crisis of the mid-2000s in "The Big Short".
Once considered the most powerful man in the media, Roger Ailes was forced to resign from Fox News in July.
He was heavily scrutinized after Gretchen Carlson sued him for sexual harassment which he vehemently denied.
"The women of Fox News who, with their stiletto shoes and nerves of steel, formed an underground army of sorts, and at great risk to their livelihoods, brought down a very powerful serial sexual harasser," Kelly recently said at an event.
Besides adapted for the big screen, the Roger Ailes scandal will be turned into a miniseries by Blumhouse Production.
It will be based on Gabriel Sherman's book "The Loudest Voice in the Room" and the author will serve as a producer.
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