The biopic about Italian car maker Enzo Ferrari would follow the rise of Ferrari as the iconic car brand in the 1950s, reported Deadline.
This movie will reunite Bale, 41, with Mann, who directed him in 2009's "Public Enemies".
For Mann, this is a passion project which he had tried to make come true in the last 15 years. At one point, he was working with the late director Sydney Pollack. Mann himself is the perfect fit to helm the film.
He directed the 2008 promotional video for Ferrari's California sports car and used to race in the Ferrari Challenge.
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Enzo, who died in 1988 at the age of 90, would be in his 50s at that time.
Another "Ferrari" biopic is in development with Robert De Niro playing the lead but no details have been unveiled at this time.
Mann's "Ferrari" will be shopped at the upcoming Venice and Toronto film festivals. Filming is expected to kick off next summer and several actresses are already circling the female lead role although no names have been revealed.