The 36-year-old Dark Knight Rises star has also starred in films such as Inception, Lawless and Bronson.
Rocketman is being made with the co-operation of Elton John, 66, who is an executive producer on the project.
It will begin shooting in late 2014, Focus Features said.
The screenplay has been penned by Lee Hall, who was Oscar-nominated for Billy Elliot, and recently worked on the film adaptation of War Horse.
It follows Reginald Dwight’s journey from childhood piano prodigy to global superstar, under his stage name Elton John.
Tom Hardy is respected for his wide-ranging talent, but his brawny, tattooed frame makes him an unconventional choice to star as the flamboyant musician.
He is not the first actor to play Elton John. In 2001, Justin Timberlake appeared as a “young Elton” in the video for the latter’s This Train Don’t Stop There Any More.
Last month, Elton John played live at the Emmy Awards ceremony for the first time.
Elton John performed a tribute to Liberace, the American pianist and vocalist whose life was told in the recent biopic, Behind the Candelabra.
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