Hooley was branded the godfather of the Belfast punk scene after setting up a record shop in the 1970s and discovering Teenage Kicks hitmakers The Undertones.
Now his story is to be told in a full-length feature film, co-produced by Snow Patrol frontman Gary Lightbody. Northern Irish actor Richard Dormer will take the lead role.
Lightbody tells Mojo magazine, "He lived a crazy life. A really f**king dark, hilarious, wasted life... Terri's an unsung hero. Despite discovering The Undertones, he never sold out... The story is hilarious and touching."