The film, inspired by real events, tells the story of a World War II veteran who escaped from his nursing home in Hove, East Sussex to attend the 70th anniversary of the D-Day landing in France.
The story of Bernard Jordan made headlines around the world in 2014. Sir Michael, 87, will play Mr. Jordan while Jackson, 84, will appear as his wife Irene, Pathe said.
The entertainment company added that it would present the film at the upcoming European film market in Berlin.
Oliver Parker will direct The Great Escaper and filming is scheduled to begin in June. William Ivory wrote the script.
Parker said, “No one can resist a script that makes people laugh and cry. I loved Billy’s writing and the story itself, so inspiring and moving, seemed to speak to our time and our need for heroes on a human level. whether people like Bernard Jordan or our doctors and nurses.
“And now that Michael and Glenda are two famous actors who pay tribute to this story with their brilliance, it’s the cherry on the cake!”
Sir Michael is a two-time Oscar winner who he has selected for Best Supporting Actor Gongs for Hannah And Her Sisters and The Cider House Rules.
Jackson also has two Academy Awards. She won best actress for Women In Love and A Touch Of Class.