Hopper will play a crime boss who kills a woman to prevent her from testifying against him in a murder trial and is subsequently pursued by the woman's vengeful young husband.
Production is set to begin in April, with Ellen Wander's Los Angeles-based Film Bridge financing and handling worldwide sales. More casting is expected to be announced shortly.
Kevin Bacon and Sylvester Stallone were linked to a previous aborted attempts to bring the story to the big screen.
Dolan's Cadillac was originally published in King's 1993 short story anthology Nightmares & Dreamscapes.