This will be the 77-year-old's first boxing film since Raging Bull and the upcoming movie is set to have a star-studded case including Jamie Foxx.
Speaking on Showtime's All the Smoke, Foxx said: "Martin Scorsese who hasn't done a boxing film since Raging Bull has agreed to take the helm. We want to show everybody evolves. Everybody comes from a good or bad place.
"I think when we lay the layers on Mike Tyson in this story, I think everybody from young and old will be able to understand this man's journey and the way we'll place it."
Going on to talk about his vision for the role, 52-year-old Foxx said: "When we were talking about the movie, I said what's interesting about Mike is not the ring now, it's the Mike that we see now.
"When I called Mike one time, I said, 'Mike, how are you doing?' And it's this voice, 'All praise to Allah, my brother I'm just happy'.
"I said, 'why you happy?' and [he replied], 'I'm happy I don't have money anymore, I don't have any money'. I said, 'why do you say that? Why does that make you happy?'
"'Cause no one can take anything away from me anymore. There are no vultures. Nobody out there trying to take anything from me. So I'm just happy.'"
He went on: "I said, 'that's the person we've got to show'. He'll tell you, 'I either live on top of the mountain or on the bottom of the ocean'.
"I said to Mike, 'when I play you, I'm going to embody you so well that when I walk into your house your kids will run up and say dad's home.'"
The biopic has been in pre-production for years now, but it seems that Foxx is well on his way to start filming after he shared a glimpse of his transformation.
Tyson, who is now 54 years old, confirmed that he'd be played by Foxx in a film and would be using CGI to show him at some of the heavyweight stages of his life.