The film, directed by Neil Armfield, is based on Timothy Conigrave's memoir, which was adapted for a stage play in 2006, reported Variety.
The story focuses on two young men who fall in love and embark on a 15-year romance.
"The success of Tim Conigrave's book and Tommy Murphy's stage play proves that this is a love story that speaks across generations, sexualities and cultures," producer Kylie Dufresne said.
Production for 'Holding the Man' begins in Melbourne next week.
Pearce was recently reported to be in talks to play the villain in thriller 'War on Everyone'.