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The Mira Nair-directed movie which is based on the story of Ugandan chess prodigy Phiona Mutesi will start filming in the spring.
The two stars are joined by their co-stars such as Tim Roth, Tom Wilkinson and Cuba Gooding Jr. at the New York premiere of the movie.
The movie depicts Luther King Jr. who's going toe to toe with President Lyndon B. Johnson during the U.S. civil rights movement in 1960s.
In her acceptance speech, supporting actress in motion picture winner Lupita Nyong'o called it 'a historical year in film'.
The movie will revolve around real-life criminal Brian Nichols who killed multiple people in the Fulton County courthouse.
Both the 'Fruitvale Station' star and the 'Lee Daniels' The Butler' actor audition for still undisclosed roles.
Although she is now 88 years old, Betty White claims that she has no intention to retire, stating 'I don't know if that's a word I'm familiar with'.
The 55-year-old actor will become a father for the seventh time as his wife Christine Baumgartner is expecting a baby who is due in June.
Instead of casting American actor, the director has hired British actor David Oyelowo to portray Martin Luther King Jr. for his new movie 'Selma'.