The movie will be about the infamous mobster's rise to power as he went from living in the slums of Brooklyn to becoming the top gangster in Prohibition Era Chicago.
The movie will be produced by Le Grisbi Productions. The script is still being developed, and a 2013 start date is targeted.
If Hardy's deal is finalized, it would be one of many high-profile lead roles for the British actor. He has starring roles in McG's "This Means War"; Christopher Nolan's "The Dark Knight Rises"; the Weinstein Co.'s "The Wettest County"; and the next Mad Max movie, "Fury Road."