Carmen Ejogo ("The Purge: Anarchy," "Selma") and Callum Keith Rennie ("Fifty Shades Of Grey") will co-star with Hawke.
Written and directed by Robert Budreau, the film will chart Baker's comeback in the 1970s and the romantic relationship that affected his performance and helped him recover from his self-destructive habits that damaged his career.
Hawke recently starred in the films "Boyhood"; "Seymour: An Introduction," which he produced and directed; "Predestination"; and "Cymbeline." His stage work includes The Coast of Utopia, Henry IV and The Seagull.