The movie will tell the story of how frontman Sir Ray Davies, his brother and guitarist Dave, bassist Pete Quaife and drummer Mick Avory formed the group and rose to success, and examines how the singer coped with the "mayhem of fame".
The currently untitled film will be based on the popular musical 'Sunny Afternoon', which was based on the rise of the group and features a lot of their songs.
According to the Daily Mail newspaper's Baz Bamigboye, Joe Penhall, who wrote the play, is to write the script for the movie, while 'Sunshine On Leith' filmmaker Dexter Fletcher has been approached to direct.
Francois Ivernel, Charles de Rosen and Sonia Friedman are producing the film and are currently working on securing the story and music rights.
No one has been cast in the film yet, and it is not a foregone conclusion that John Dagleish and George Maguire, who have won awards for their portrayal of the Davies brothers in 'Sunny Afternoon' will reprise their roles on the big screen.
Ray and Dave founded the band in 1963 and split in 1996.
However, the brothers performed together for the first time in almost 20 years in 2015, when Ray joined Dave on stage in London for a performance of 'You Really Got Me'.
The band has had a number of different line-ups over the years but the siblings have featured in each one.
The Kinks' classic line-up featured Mick on drums and the late Pete on bass.
Pete was replaced by John Dalton in 1969 while Bob Henrit took over as sticksman in 1984.