JOIN USKing, who was assassinated in 1968 in Memphis, Tennessee at the age of 39, was a leading campaigner for equality for African-American citizens.
Spielberg's production company DreamWorks has won a long running battle to acquire the rights to the late activist's intellectual property, reports contactmusic.com.
The director will now be able to use King's speeches, books and famous works that were copyrighted during his life.
The project is the first film to be authorised by King's estate and Spielberg is delighted he will finally be able to bring the story to cinema audiences.
"We are all honoured that the King Estate is giving us the opportunity to tell the story of these defining, historic events. It is our hope that the creative power of film and the impact of Dr. King's life can combine to present a story of undeniable power that we can all be proud of," said Spielberg.