The Avengers star will also get to show off his singing chops as producers have confirmed they have rights for Hank's music, allowing Tom and the cast to sing country classic's such as I'm So Lonesome I Could Cry.
Based on Colin Escott, George Merritt and William MacEwen's 1994 book, Hank Williams: The Biography, the film will be called I Saw The Light, which was one of Hank's most famous songs and usually closed out his shows.
I Saw The Light. pic.twitter.com/LBSiP5tBVb— Tom Hiddleston (@twhiddleston) June 13, 2014
It was also sung the night that Hank died, when performers who were due to sing alongside Hank at a theatre in Ohio started to sing the song, and audience members realised that they weren't lying about his death.
After the news of Tom's casting was announced, the actor took to Twitter to post a picture of himself in a cowboy hat and boots, with the caption: "I Saw The Light."
Hank died at the age of 29 due to an addiction to alcohol and drugs.
Tom, who was named HELLO!'s most attractive man of the year 2013, is a BAFTA and Laurence Olivier award nominee. A hugely successful stage actor, he has also starred on the big screen alongside Tilda Swinton in Only Lovers Left Alive and Chris Hemsworth in Thor and The Avengers.
Speaking to HELLO!, Tom said of Tilda: "Tilda is amazing. I don't know any actress in the world who can compare with her, she is such a unique women."
"The most exciting thing is that she's so full of surprises," added the 32-year-old. "She's so warm and witty and she's an impeccable dancer and I was very pleased to dance with her as I do in this film."