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The 'Captain Phillips' helmer is expected to direct the Legendary movie from a screenplay by '8 Mile' scribe Scott Silver.
Hendrix's sister Janie says following the release, 'I am deeply touched and so are other members of the Hendrix family by the issuance of this stamp.'
The movie is expected to feature songs like 'Foxey Lady', 'The Wind Cries Mary', 'Purple Haze', 'Voodoo Chile', and 'Crosstown Traffic'.
Entitled 'People, Hell and Angels', the new album will contain 12 previously-unreleased tracks of the legendary guitarist.
The rapper, who is also known as Andre Benjamin, will sing 'Sgt. Pepper's Lonely Hearts Club Band', Muddy Waters' 'Mannish Boy', Elmore James' 'Bleeding Heart' and more for 'All Is by My Side.'
The rapper, whose real name is Andre Lauren Benjamin, is said to have joined the biopic project which is planned to begin filming in Ireland later this May.
Proud that his effort in resurrecting the late rapper receives tremendous reviews, the Doc says, 'Hopefully, you know, different artists are able to bring out their favorite artists.'
Tom Morello praises Hendrix for his effortless guitar playing and calls the late musician the one who 'exploded our idea of what rock music could be.'
The rapper visited the tomb in Washington to left a message which said, 'Still inspired,' for the late musician.