Hayek was placed in President Nicolas Sarkozy's official New Year's list and will be receiving a medal a tradition which Napoleon began back in 1802 to honor military and the service done by civilians in France.
The ceremony is set to take place at the Élysée Palace, a source told the entertainment magazine.
Joining Hayek will be François Pinault, her wealthy tycoon father-in-law, who has also been awarded the same honor.
But not all are happy about their inclusion. British newspaper The Telegraph reports that some in France accuse Sarkozy of using the awards as a political move in advance of presidential elections. The tabloid also points out that Hayek's husband, François-Henri Pinault, is close friends with Sarkozy.
Former French Budget minister Henri Torre was also nominated, but refused to accept the honor because "too many people were nominated who do not deserve to be honored," Torre said to the French magazine Marianne.
Enelbrasero reports that the script has been ready for five years and production is underway
There is a possibility that MGM studios will also be involved in making the film.
The busty star recently made headlines when revealing that when she was younger she prayed to Jesus to bless her with breasts.
"I went to a church that had a saint that was supposed to do a lot of miracles," Hayek said. "I put my hands in the holy water and went: 'Please Jesus give me some boobs.'"
Hayek, 45, adds that she was "really scared" because she was the "youngest in class and all these girls were starting to get them [breasts.]"