The 51-year-old 'King's Speech' star will portray the legendary Irish writer's friend and confidant Reginald Reggie Turner with Rupert Everett lined up for the role of Wilde. Everett will also write the script and direct the movie.
'The Happy Prince', which will also feature Emily Watson and Tom Wilkinson, tells the story of Wilde's final days as he looks back on the disasters of his life with his dry humour and characteristic wit, said The Hollywood Reporter.
Everett is making his directorial debut in the film which is planned to start shooting in 2013.
He previously starred in an adaptation of Wilde's 'The Importance of Being Earnest' in 2002 and 'An Ideal Husband' in 1999 alongside Firth.