The long time friends will join forces with the 'Good Will Hunting' director for their upcoming movie about the controversial WWE Hall of Fame wrestler.
'Killing Gawker' will follow the 70-year-old star's infamous $140 million legal battle against Gawker, which saw him win a lawsuit over the magazine's publication of a sex tape featuring him.
The jury found that the magazine violated Hogan's privacy by posting the video, and after the ruling, Gawker shut down.
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 mad eunder 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 as of yet.
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 underway.
However, the actor previously told Screen Rant: "To work with Todd Phillips, who we discussed making that film with, would be an honor and a fantastic opportunity.
"I can't say it's officially happening yet. If there was a green light, I'd get to work on it."