It will be adapted from "Love, Janis", a book written by the late singer's sister, Laura Joplin, according to The Hollywood Reporter.
Based on Janis' letters she wrote to friends and family, the book tells the rock icon's rise to fame as well as her struggle with alcohol and drug addictions in the last six months of her life.
Janis died in 1970 at the age of 27 from a heroin overdose.
Sean will direct the biographical drama from a screenplay co-written by Clara Brennan and Andrew Renzi. The project will be produced by Peter Newman through his production company in partnership with Spheeris Films and Start Motion Pictures.
The 36-year-old actress can next be seen in "Certain Women" along with Laura Dern and Kristen Stewart, and in "Manchester by the Sea" opposite Casey Affleck.