Jolie, who previously helmed war drama 'In the Land of Blood and Honey', has teamed up with Universal studios to direct the movie.
The film is an adaptation of the 2010 book by Laura Hillenbrand and tells the story of Olympic athlete and war veteran Louis Zamperini who survived a plane crash during the war and clung to life on a raft for 47 days.
He was captured by the Japanese and sentenced to time in a prisoner of war camp, the Hollywood Reporter said. "I read Laura Hillenbrand's brilliant book, and I was so moved by Louie Zamperini's heroic story, I immediately began to fight for the opportunity to make this film. Louie is a true hero and a man of immense humanity, faith and courage.
I am deeply honored to have the chance to tell his inspiring story," Jolie said. Universal Pictures chairman Adam Fogelson and co-chairman Donna Langley and Walden Media CEO Michael Bostick announced the news.
"In her life and in her work, Angelina has embraced stories and causes involving great struggle and triumph over tremendous odds and the basic human condition," said Fogelson and Langley in a joint statement. "She has a real ability to illustrate the strength in human spirit which will be essential in telling Lou's story of survival and great heroism."
Spotted: Virat Kohli, Anushka Sharma and other celebs at Mumbai airport
Photos: Salman Khan's 'special friend' Iulia Vantur at a song launch
In Pictures: Sex scandals involving Indian politicians
Photos: Abhishek Bachchan and Farah Khan at Boman Irani's birthday bash
Spotted: Shah Rukh Khan at Morani's bungalow in Mumbai