Casting notices have gone out for actors to play Stallone, Muhammad Ali and others. Watts will play Wepner's second wife, Linda.
Wepner's most famous fight was a 15-round fight with Ali in 1975. Ali won in a technical knockout. Wepner is said to have read for a role in "Rocky II," but was not cast. "Rocky III" is thought to be based on one of his fights.
Schreiber and Mike Tollin will co-produce. Philippe Falardeau, Jeff Feurzeig, Jeff Stahl and Michael Cristofer will write the screenplay.