The untitled project will focus on the lives and epic love story of the Black Sabbath rocker and his wife and will tell the story of their decades-long bond.
Ozzy and Sharon have been married since 1982 and their marriage exploded into pop culture with the MTV reality series 'The Osbournes' – which centred on the domestic lives of the couple and their children Kelly and Jack.
The project comes from Polygram Entertainment while Sharon, Jack and Aimee Osbourne will produce via their Osbourne Media label along with Michele Anthony and David Blackman.
Music will play a large role in the film and it will features tracks from Black Sabbath as well as his solo career.
Sharon said: "Our relationship at times was often wild, insane and dangerous but it was undying love that kept us together.
"We're thrilled to partner with Sony Pictures and Polygram to bring our story to the screen."
Sharon previously insisted that she wanted a biopic to focus on her life before she married Ozzy.
The 69-year-old star said: "I don't want to do another rock and roll, sex, drugs and money movie about a musician. That's not what I'm doing. There hasn't been a movie about a woman that actually works on the management side -- that's a true story -- and somebody that succeeds through the struggle and you come out the other side.
"It's everything before we get married. It's the madness of my childhood, growing up in the industry with a powerful father who was somewhat violent."
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