Bosses at the Motion Picture Corporation of America have acquired the film rights to Prisoner of Denver - a June 2004 Vanity Fair article co-written by the infamous gonzo journalist and the magazine's contributing editor Mark Seal.
The article focused on the case of 21-year-old Lisl Auman, who began a correspondence with Thompson after she was charged with the murder of a Denver, Colorado police officer.
Auman was handed a life sentence with no possibility of parole, but Thompson's piece helped overturn her sentence in 2005.
According to the Hollywood Reporter, producers are adapting the article, with a focus on Thompson and Seal's roles in the case.
Actor Johnny Depp, a longtime friend of the writer's, previously brought Thompson to the big screen in Terry Gilliam's Fear and Loathing in Las Vegas, and Bill Murray played him in 1980's Where the Buffalo Roam.