The "Spider-Man: Homecoming" star is in talks to lead the cast of the real-life drama, about a young Army veteran who struggles with extreme post-traumatic stress disorder (PTSD) and develops an opioid addiction after returning home from Iraq.
He ends up robbing banks, resulting in his arrest and subsequent conviction and incarceration in 2011.
The autobiographical book was written by Nico Walker, who will remain behind bars for robbery until 2020.
The project was adapted by "The Path" creator Jessica Goldberg for the Russo brothers' AGBO studio, through which they acquired the rights to the release last year (2018), reports Variety.
Production is expected to begin this summer.
"Cherry (2020)" will mark the filmmaking siblings' first big screen project since dedicating the last few years to working on movies for the Marvel Cinematic Universe. They initially directed 2014's "Captain America: The Winter Soldier", and went on to work with stars including Holland for 2016's "Captain America: Civil War", last year's "Avengers: Infinity War", and the forthcoming "Avengers: Endgame".
Meanwhile, Holland, 22, is currently working with another of his Avengers franchise colleagues - he and Sebastian Stan are in the middle of filming the drama "The Devil All The Time", which is based on Donald Ray Pollock's 2011 gothic novel of the same name.
Ironically, Stan's "Captain America" franchise co-star Chris Evans had initially been tapped for the main role Sebastian stepped into last month, but had to withdraw from the project due to other acting commitments.