Written and directed by Steve Conrad (The Pursuit of Happyness, The Weatherman), the drama will follow the iconic comedian's rise to fame in the late 1970s as a regular on Saturday Night Live, as well as the later, troubled years, when John hit it big with movies like Animal House.
The film will also approach the late actor's life as an allegory for the "glory and tragedy" of the American dream, as John was just 33 years old when he died of an overdose in Los Angeles in 1982.
Emile, meanwhile, is already being hailed by critics as a worthy fit for the role. The 28-year-old gained stardom after landing leading roles in movies such as The Girl Next Door and Into the Wild, and has been well-received by critics for his work in indie flicks such as Milk.
The film is scheduled to begin filming in New York in spring 2014.
What do you think? Will Emile make a good John Belushi?