Williams (Thor and The Avengers bad guy Tom Hiddleston) hit it big having 11 No. 1 hits, such as "Cold, Cold Heart," "Your Cheatin' Heart" and "I'm So Lonesome I Could Cry."
Williams hailed from Alabama and was diagnosed with Spina Bifida, which led him to turn to alcohol and morphine for pain relief. He died in 1953 at the of age 29.
Olsen will play Williams' wife Audrey Mae in the film.
The deal includes the rights to Colin Escott's biography about the singer, and most of his recordings with the co-operation of the Hank Williams estate. Hiddleston will do all of his own singing in the film.
Marc Abraham wrote the script from which he will call action.
Aaron L. Gilbert Brett Ratner, G. Marq Roswell and Abraham will produce the film
James Packer will executive produce the feature.
Production is due to begin in Louisiana in October.
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