Friday played just 21 league games for City in 1976-77, but his notoriety off the pitch and his ability on it made him one of the game's great characters.
The biopic, which begins filming in September, is to be directed by Oscar-nominated filmmaker Henry Alex Rubin.
It is based on a book by Paolo Hewitt and ex-Oasis bass player Paul McGuigan.
Friday, who also played for Reading, died at just 38 in 1990 after years of drug and alcohol abuse.
After Friday's brief spell at Cardiff he prematurely retired from the game, but he is still revered and frequently compared to George Best for his flamboyant lifestyle and playing style.
He is especially remembered for famously flicking a V-sign at Luton goalkeeper Milija Aleksic after scoring for the Bluebirds.
Welsh band Super Furry Animals used a photograph of the incident on the sleeve of one of their songs.
Describing one of Friday's wonder goals in a game he was officiating, former referee Clive Thomas said: "Even up against the likes of Pele and Cruyff, that rates as the best goal I have ever seen."
But it was also the way Friday lived his life off the field that captured the imagination.
Among several stories of his outrageous behaviour is the tale of him turning up to training drunk while carrying a swan.
When he travelled to Cardiff to join his new team by train he was arrested for not having a ticket and had to be bailed by Bluebirds manager Jimmy Andrews before even signing for the club.
The new as-yet-untitled film is backed by Fortitude International - a production company based in Los Angeles.
Former NME journalist and author Paolo Hewitt, who co-wrote The Greatest Footballer You Never Saw: The Robin Friday Story, said: "It's incredible to think Robin played only 21 league games for Cardiff and was still voted their cult player of all time.
"He's up there with the greats; a pure maverick and a man who lived every minute of his life to the full."
Cardiff City cult hero Robin Friday is to be portrayed in a new film of his life by Pirates of the Caribbean and Hunger Games star Sam Claflin.