The Captain Phillips moviemaker initially signed on for the untitled film four years ago, but at the time, Hendrix estate executors would not release the rights to the late guitarist's music.
However, studio chiefs at Legendary Pictures have since worked out a deal with Experience Hendrix estate bosses to allow the biopic to move forward, according to Deadline.com.
The Fighter's Scott Silver will write the script.
Castmembers have yet to be announced, although Captain America: The Winter Soldier star Anthony MACkie had previously been in talks to portray Hendrix.
This isn't the first Jimi Hendrix biopic to be developed for the big screen - Outkast rapper Andre Benjamin played the Purple Haze hitmaker in Jimi: All Is By My Side in 2013.