The film is based on the memoir by J D Vance, which chronicles his journey from living in poverty to gracing CNN as an economics expert, reported Variety.
Howard, 63, and Imagine Entertainment partner, Brian Grazer, have acquired the rights to the memoir.
"'Hillbilly Elegy' is a powerful, true coming-of-age memoir by JD Vance," said Erica Huggins, President of Imagine Entertainment.