The movie adaption is to be called Greatest Days and is scheduled to begin filming later this year.
The Band is based on the songs of Take That - but is not about the group itself.
The story follows five young girls who are fans of a fictional boy band in the 1990s before jumping 25 years forward to follow them as adults.
It features Take That's hit songs including Patience, Back For Good, A Million Love Songs, Shine, Relight My Fire and Could It Be Magic while the film is tipped to feature a new original track.
First reported in the Daily Mail, and confirmed by Take That's Gary Barlow on Twitter, Coky Giedroyc will direct the big screen adaption which will be penned by Tim Firth who wrote the book of the stage show.
Casting will be by Jina Jay with choreography from Drew McOnie with auditions underway for boys to play the band members.
Producer Danny Perkins told Deadline: "The Band was a special night out and we hope this can be the same. We hope it will be just what people want to see on the other side of the pandemic. It’s about people coming together, it’s nostalgic, it’s about the music that you love at 15, and being in touch with your teenage self.
"It’s a feel-good movie which we hope will bring joy to people. There are more serious things to be concerned about right now but hopefully this can bring some joy once it can get going. Mamma Mia came out soon after the financial crisis hit and we hope this can have a similarly uplifting impact.”
The Band originally started touring the country from September 2017 and finished its opening twelve month run in July 2018, with dates across England, Wales and Scotland.
A second leg started in September 2018, including a transfer to London's West End.