The Smashing Machine will star Johnson as MMA fighter and UFC pioneer Mark Kerr, which is set to be released later this year.
Scorsese and DiCaprio are longtime collaborators, with shared credits on The Aviator, The Departed, Gangs of New York, and The Wolf of Wall Street and Best Picture nominee Killers of Flower Moon.
He was previously the subject of a 2003 HBO documentary, also titled The Smashing Machine after Kerr’s longtime nickname.
The new film will reportedly take place around the turn of the millennium and will follow Kerr’s struggles with love and addiction as well as his exploits in the ring.
Emily Blunt is also reportedly attached to the as-yet-untitled project, with a script by writer and documentarian Nick Bilton.