Depp's Infinitum Nihil is producing with Graham King's recently minted GK Films and Warner Independent Pictures.
Depp and King will produce with Film Engine's A J Dix, Anthony Rhulen and William Shively alongside Robert Kravis and Greg Shapiro.
GK Films holds all rights to the Puerto Rico-set 1950s story about the life of Paul Kemp, a freelance journalist who runs a lowly newspaper.
Bruce Robinson, who wrote and directed Withnail And I and How To Get Ahead In Advertising and earned an Oscar nomination in 1985 for his screenplay for The Killing Fields, will write and direct.
Depp previously played the persona of Thompson, the famously idiosyncratic writer who excessive lifestyle ended in apparent suicide at his home in February 2005, opposite Benicio Del Toro in Terry Gilliam's Fear And Loathing In Las Vegas in 1998.
He recently wrapped principal photography on Tim Burton's Sweeney Todd.
Infinitum Nihil recently renewed its production deal with King and has also lined up an adaptation of Gregory David Robert's sprawling epic Shantaram with Mira Nair set to direct, Nick Hornby's darkly comic book A Long Way Down, and Bomb In My Garden by Saddam Hussein's former nuclear weapons scientist Mahdi Obeidi and American journalist Kurt Pitzer.
Depp is represented by UTA.