Steve Conrad is writing the battle of sexes which is being developed by Chernin Entertainment and Gary Sanchez Productions, said the Hollywood Reporter.
The film is based on an ESPN Magazine article 'The Match Maker: Bobby Riggs, The Mafia and The Battle of the Sexes'.
The story revolved around the infamous rivalry between Riggs, a tennis champion past his prime who came out of retirement to challenge women's tennis player King in a 1973 game.
It was later claimed that Riggs lost on purpose to settle his gambling debts with the mafia.
Farrell is not new to battle of sexes. He starred in 'Anchorman', a comedy that focused on the sexism that existed during the early days of television news.
The actor revived his role recently in 'Anchorman 2'.