Oscar-nominated filmmaker, Deepa Mehta, will direct the film.
The film will focus on Matisse's relationship with his nurse and muse, Monique Bourgeois, reports the Daily Star.
The pair met in 1942, when Bourgeois was 21 years old and the artist was in his 70s, but they were separated by World War II until they finally reunited in 1946.
Bourgeois became a nun and inspired Matisse to paint one of his most famous works -- the Chapelle du Rosaire in Vence, France.
Image: Al Pacino holds his award for best actor in a miniseries or TV movie for You Don't Know Jack, backstage at the 68th annual Golden Globe Awards.
Photograph: Lucy Nicholson/Reuters
Hottest planet in the universe 'discovered'
Al Pacino to play Napoleon
Pakistan blacks out Indian channels
Who owns how much, I&B asks NewsX promoters