Smith is working on a screenplay for Hit Somebody, which was penned by writer Mitch Albom, about an ice hockey star with a talent for fighting.
The song was released in 2002, a year before Zevon lost his battle with cancer, aged 56.
Hockey fan Smith will serve as writer and director of the film, which is slated for release in 2011.
He tells WENN, "I never would've gotten my head around adapting a song particularly because it's never really worked out; I mean look at Convoy (film with Kris Kristofferson based on the song by Paul Brandt) for Christ's sake. But I could use this song as a vehicle from which to tell an insanely personal story.
"I identify with the story of the guy who's part of the hockey league who's playing professional hockey, but he's there just because he can beat people up. He loves the game so much, like I do, but he's not that good at it and I identify with that in a big, bad way so I have a story using that and I'll build a script around it."
And Smith, currently promoting new film Cop Out, is hoping it'll be a big hit: "It takes place between 1950 and 1980 and it's just a big fat Valentine to the game and in particular to Canada. I'm looking to make the Forest Gump of sports movies."