"Motorcycle Diaries" screenwriter Jose Rivera is set to write the script.
The film will recount the remarkable plight of the miners who were trapped for 69 days after the mine they were working in collapsed. Production is scheduled to begin next year.
The film will also draw on the book being written about the miners by Pulitzer Prize-winning journalist Hector Tobar.
The miners are represented by William Morris Endeavor Entertainment.
The Associated Press contributed to this report.