Helmsworth and Eric Bischoff will both be producers, with Hogan as Executive Producer and also serving as a consultant on the film.
PWInsider has provided an update on the film and says while Netflix is "very high" on the film they have not yet done a screenplay as the project is still very early in the overall process.
The film will be written by John Pollono (Strong) and Scott Silver (The Joker) and once a script is agreed on, then production will begin. As of right now, no one else has been confirmed for the film aside from Hemsworth.
As noted, the movie will focus on Hogan's rise in pro wrestling, but will not involve his lawsuit against Gawker, divorcing his wife, or the sex tape scandal—and subsequent racist comments that came out of that—that got him released from WWE back in 2015.
Hogan's most recent appearance on WWE TV was last month on an episode of RAW where he paid tribute to the late Gene Okerlund.