Zelda has been described as "the first American flapper" and was known for her tempestuous relationship with husband F Scott Fitzgerald and her 1932 semi-autobiographical novel "Save Me the Waltz", reported Contactmusic.
"The Beautiful and the Dammed" is being produced by studio Millennium films, who are best known for "The Expendables" franchise, as well as "Olympus Has Fallen".
The script has been written by Hanna Weg and producing will be Mark Gil and Beth Bruckner.
A film based on Weg's script has been talked about for quite some time and it featured on Hollywood's Black List, an annual survey of the "most liked" screenplays not yet produced, in both 2007 and 2008.
He was known for drawing on the couple's relationship in his work, while Zelda struggled to escape from his shadow.