The Motorcycle Diaries star will portray the celebrated boxer, while Al Pacino is slated to play the role of his trainer Ray Arcel in Hands of Stone.
The movie will focus on solving the mystery behind Duran's 1980 rematch with Sugar Ray Leonard, when he famously uttered the words, "no mas", meaning "no more", despite having beaten his rival to capture the World Boxing Championship welterweight title months earlier.
Hands of Stone will be directed by Venezuelan filmmaker Jonathan Jakubowicz and Duran's son, Robin Duran Iglesias, has signed on as associate producer to oversee the project.
Jakubowicz tells Daily Variety, "The infamous 'no mas' fight is the biggest enigma in the history of boxing. This movie will answer that enigma."
Spanish actor Oscar Jaenada has also been linked to the picture.
Production on the sporting biopic will begin in the spring (11), with filming taking place in Panama and New York.