3 Arts Entertainment will produce the adaptation.
Joaquin "El Chapo" Guzman is the Sinoloa drug cartel boss who, in addition to being one of the most powerful crime lords of all time, had a knack for escaping his prisons. Three times he made headlines with his escapes, prompting massive manhunts.
He was last recaptured in 2016 and extradited to the US in January, according to The Hollywood Reporter.
Sony is hoping to bag a similarly big-name director, with Michael Bay at the top of the studio's list of most wanted.