The film will be based on memoir Yes I Can: The Story Of Sammy Davis, Jr., which was written by Davis, his wife Jane, and Burt Boyar in 1965, according to Deadline.
"It's an honour for me to bring the life of one of my idols and friends to the screen," Richie says. "I'm so grateful to be working closely with the Davis family on this and couldn't be happier to be moving forward on this passion project."
The biopic has been in the making for several years and rights to the film were at the centre of a legal battle in 2012. However, the executors of Sammy's estate are now on board for the upcoming project.
"I am happy to tell the whole entire world that my family and I look forward to working with everyone to educate audiences of all ages about our father's incredible American adventure," says Davis' son Manny, who also serves as the estate administrator.
Davis died in 1990.