The film, which is expected to focus on the relationship between Duran and his trainer, is written and directed by Jonathan Jakubowicz.
Jakubowicz will co-produce the film with Jay Weisleder of La Piedra Films. Duran will also contribute to the film as an associate producer.
Weisleder said: "The story of Roberto Duran and Ray Arcel is not only a homage to the golden days of boxing; it is most importantly the story of a fatherless man who teaches every single one of us the true meaning of never giving up."
Jakubowicz added: "The infamous No mas fight is the biggest enigma in the history of boxing. This movie will answer the enigma, with the best talent any director can possibly dream."