Director Fausto Alatorre, an old friend of Maria, is taking charge of the project, which reportedly has the backing of the late Latin icon's family, reported Contactmusic.
Ortiz admits she is flattered to have landed the "great honour", adding, "It is a great opportunity that I will thoroughly enjoy."
Production is expected to begin later this year, once the filmmaker has secured full financial backing for the film.
The news emerges seven years after Eva Longoria expressed an interest in turning the Dona Barbara star's life into a movie.
"I'd love to adapt the story of Maria Felix," she told the New York Daily News. "I think she's the icon of Mexican cinema, and I would love to bring her story to life. I'm very proud of being Mexican-American, so I celebrate it as much as possible."
Ortiz is widely considered to be one of the great beauties of Latin American cinema, and one of its most successful actresses of the 1940s and '50s.