According to The Hollywood Reporter, Netflix bosses have snapped up the film, which will be produced by Phillips, his Join Effort production partner Bradley Cooper, and Hemsworth.
Hogan, 65, made his return to wrestling in November (2018) at the Crown Jewel event in Saudi Arabia.
It was his first official wrestling event for the company since his contract was terminated in 2015, after a transcript, in which he used a racial slur to describe his daughter's former boyfriend, was leaked.
He was also removed from the WWE Hall of Fame but bosses officially reinstated Hogan last summer, after the fighter and movie star offered up an apology for his words.
"I'm looking forward to going to Saudi Arabia with the WWE, looking forward to WrestleMania," he told the Orlando Sentinel newspaper a week before his ring return. "It's exciting to have this opportunity again after all these years."
"I sure would love to be a part of the WrestleManias and the big events and the grand openings and the new conquests of the WWE. Saudi Arabia! Hong Kong! China! Antarctica! The North Pole! Whatever it is, I'd like to be part of the ongoing growth of the wrestling business, and be with WWE the whole time. That's the only place to be."