Titled 'Idols', the film's script will recreate fictitious races supported by real images of the three world championship categories - MotoGP, Moto2 and Moto3.
Some will be edited, while others will be shot specifically for the film during future grand prix weekends.
The film's main protagonist is a Moto2 rider who comes to the world championship from the FIM JuniorGP series, and is presented with the opportunity to compete in a MotoGP wildcard race.
The idea for the film is for it to be a high-action youth drama, spiced with romance, adventure and an engaging plot aimed at younger audiences around the world.
Shooting of the film is expected to begin at the end of the year and extend through 2024, with the movie scheduled for release in 2025.
The identity of the leading actors has not yet been finalised, although Autosport understands that they will be international, well-known stars.
To ensure the success of the project, Warner Bros. will be in charge of the international distribution, partnering in the production with Mogambo and 4CATS.
In addition to Warner Bros Entertainment, Mogambo and 4CATS, the film will be produced by Andrew Eaton, the man responsible for the movie Rush, which centred on the rivalry between James Hunt and Niki Lauda in Formula 1.
Autosport understands MotoGP teams and sponsors have welcomed the initiative, which is aimed at attracting a younger audience.
The new project comes as Hollywood star Brad Pitt, producer Jerry Bruckheimer, and director Joe Kosinski continue work on a forthcoming movie based around F1.
The as yet unnamed film is being made by the team behind Top Gun: Maverick, with Lewis Hamilton serving as a producer and consultant.
It is set to start production in the coming weeks from a base at Silverstone, with some of the action to be shot around real race events with the filming fitted around the regular schedule.
Pitt, Bruckheimer and Kosinski met team bosses at last year’s US GP in Austin, and talks have continued since then on how teams will be involved.
While stressing the film’s importance in terms of promoting motorsport, series CEO Stefano Domenicali has cautioned that F1 will have to “control” the production so that it doesn’t interfere with the real action on race weekends.
