Hogan, whose real name is Terry Gene Bollea, has led a colourful life, hitting the headlines for the wrong reasons in recent years.
But the upcoming movie, set to delight Hulkamaniacs, will centre on the 65-year-old’s glittering wrestling career in the 1980s and 1990s.
Produced by Bradley Cooper and directed by The Hangover filmmaker Todd Phillips, the movie will be written by Scott Silver, of 8 Mile fame.
Aussie actor Hemsworth, known for his role as Thor in the Marvel blockbuster, will play the lead, according to The Hollywood Reporter.
Hogan was among WWF’s biggest stars in the ‘80s and ‘90s, stirring up rivalries with the likes of Ultimate Warrior and Macho Man Randy Savage.
Unmistakable thanks to his handlebar moustache, yellow and red costume – which he almost always tore off – and ear cupping gestures, he was a true icon of the industry.
He left WWF – since rebranded as WWE – to join WCW in 1994. He later rejoined WWE and was inducted into the Hall Of Fame (Hof) in 2005.
In 2015, he was removed from the HoF after footage of him using the word n****r to describe his daughter’s black boyfriend emerged.
After a three year ban and several apologies, he was reinstated into the HoF.
He has also been embroiled in a sex tape scandal, fought a legal battle with Gawker and has admitted using steroids, while others have accused him of taking cocaine.
When he was reinstated in the HoF, WWE said in a statement: “After a three-year suspension, Hulk Hogan has been reinstated into the WWE Hall of Fame.
“This second chance follows Hogan’s numerous public apologies and volunteering to work with young people, where he is helping them learn from his mistake.