Inspired by the book 'Hack Attack' by Nick Davies, the upcoming film will expose the News of the World's hacking into the voicemail messages of elected officials, celebrities and even ordinary British citizens, said the Hollywood Reporter.
Clooney, 53, is also producing the film alongside Grant Heslov and Michael De Luca.
"This has all the elements - lying, corruption, blackmail - at the highest levels of government by the biggest newspaper in London. And the fact that it's true is the best part. Nick is a brave and stubborn reporter and we consider it an honour to put his book to film," Clooney said in a statement.
"As the son of a journalist, George has a sharp interest in the role journalism plays in all of our lives - whether that's for good, as in Good Night, and Good Luck, or for bad," said De Luca in a statement.
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"With Hack Attack, George will explore the dark side of that world, a business where all of the rules of journalism are broken in the race for an easy and ever-larger payday," De Luca added.
Shooting is scheduled to start next year.