The longtime friends will join forces with the Good Will Hunting director for their movie about the controversial WWE Hall of Fame wrestler.
Killing Gawker will follow the 70-year-old star's $US140 million ($A215 million) legal battle against Gawker, which resulted in him winning a lawsuit over the magazine's publication of a sex tape featuring him.
The jury found the magazine violated Hogan's privacy by posting the video, and Gawker shut down after the ruling.
It relaunched in July 2021 with a short-lived revival until February 2023.
Affleck and Damon's film is officially in active development, according to Variety, with Van Sant at the helm and Charles Randolph handling the screenplay.
The project - which is being made under the actor's Artists Equity production banner - is based on Ryan Holiday's book Conspiracy: Peter Thiel, Hulk Hogan, Gawker and the Anatomy of Intrigue.
There have been rumours that Affleck will play Hogan himself in the movie, but no casting has been confirmed.
Meanwhile, no formal start date of production schedule have been revealed.
Affleck and Damon most recently teamed up on Amazon film Air, with the former directing and co-starring in last year's film with Damon playing Nike employee Sonny Vaccaro.
The biographical film followed Vaccaro's decision to set up a deal with then-NBA rookie Michael Jorgad during a tough time for the shoe company.
Hogan was previously set to be the subject of another biopic with Chris Hemsworth in the lead role and Joker director Todd Phillips leading the charge, but after several years work is still yet to get under way.
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