The US actor and director, 53, will adapt Guardian journalist Nick Davies' book Hack Attack: The Inside Story of How the Truth Caught Up with Rupert Murdoch for the big screen.
Davies was central to investigating and breaking the 2011 News International scandal.
His book tells the infamous story of how reporters hacked into the voicemails of numerous high profile figures from members of the royal family to murder victim Milly Dowler.
"This has all the elements, lying, corruption, blackmail, at the highest levels of government by the biggest newspaper in London," Clooney said in a statement.
"The fact that it's true is the best part. Nick is a brave and stubborn reporter and we consider it an honour to put his book to film."
Clooney will not act in the movie himself, but he will co-produce with Grant Heslov through their company Smokehouse, the studio behind 2012 hit Argo.
It is not the Gravity star's first time making a film about the journalism industry – he was nominated for an Oscar in 2006 for Good Night, and Good Luck about legendary news anchor Edward R Murrow. Clooney’s father Nick is a journalist, anchorman and TV host.
Clooney found himself embroiled in a press row in July when the Daily Mail published a "completely fabricated story" suggesting that his fiancée Amal Alamuddin's mother opposed their marriage for religious reasons.
"When they put my family and my friends in harm's way, they cross far beyond just a laughable tabloid and into the arena of inciting violence," Clooney wrote in a column for USA Today. "They must be so very proud."
The newspaper apologised to Clooney, removed the article from their website and vowed to launch an investigation.
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