Michael Steinberg and Shana Stein of Steinberg & Stein Production will produce the Quentin Tarantino presentation alongside Bishop, with production set to begin in spring 2007.
Hell Ride centres on The Victors, a hard-living gang of bikers out to avenge the death of one of their own and the death of their leader's past love.
'While we were making Kill Bill, Quentin turned to me and said, 'It's your destiny Larry to write, direct, and star in a brand new motorcycle movie,'' said Bishop, who acted in Kill Bill and also wrote the screenplay for Underworld. 'Stylistically, it's going to be the first spaghetti biker film.'
President of production Richard Saperstein and senior vice president of production Matthew Stein will oversee the project for Dimension.
Andrew Kramer, executive vice president of business and legal affairs, and Lumumba Mosquera, senior vice president of business and legal affairs, negotiated the deal on behalf of Dimension with Bishop's longtime manager Judy Coppage.
Attorney Lionelle Rosenbaum of Katz, Golden, Sullivan & Rosenman negotiated on behalf of Bishop, and Geoffrey Oblath of Jackoway Tyerman Wertheimer Austen Mandelbaum & Morris negotiated for Steinberg and Stein.
Steinberg is also represented by Matt Luber of 9 Yards Entertainment and Paradigm. Tarantino is represented by William Morris Agency. Carlos Goodman of Bloom Hergott Diemer Rosenthal LaViolette & Feldman negotiated on Tarantino's behalf.
In a separate development, The Weinstein Company (TEC) and investors group Hilco Consumer Capital have partnered to buy fashion brand Halston and plan to revitalise the label.
The company is also believed to be considering a documentary based on the life of Halston founder Roy Halston Frowisck, whose designs were worn by Bianca Jagger, Lauren Bacall and Elizabeth Taylor
'Two years ago, when my brother and I started TWC, one key component we were talking to the investors about was finding a name brand to acquire to diversify our company, just like Arnon Milchan did with Regency and Puma,' Harvey Weinstein said.
'Our company has already had tremendous success turning the hit fashion show Project Runway into a global brand, and we see the same potential with Halston.'