The film would be adapted from a book written by Guardian journalist, Luke Harding, the British newspaper said in a statement on Monday.
Stone, 67, and his production partner Moritz Borman, bought the film rights to Harding’s “The Snowden Files: The Inside Story of the World’s Most Wanted Man.”
The book delved into the events surrounding Snowden leaking numerous top-secret NSA surveillance programmes to the media..
“This is one of the greatest stories of our time.
“A real challenge. I’m glad to have the Guardian working with us,” Stone said in a statement.
The filmmaker, who has won Oscars for directing 1986’s “Platoon” and 1989’s “Born on the Fourth of July,” will write and direct the film.
The film would also include materials from the Guardian journalists who broke the story.