Telecinco Cinema announced last week that del Toro will play Ernesto "Che" Guevara, an aid to Fidel Castro who helped overthrow the Cuban government in 1959. The project will be directed by Steven Soderbergh.
Julia Ormond will also star in the film, which will be shot on location over nine weeks in Spain.
The film’s title is not yet known, but the movie will be shot entirely in Spanish. Benicio del Toro’s website lists the film’s title as Guerrilla.
This will be the first time for Soderbergh and del Toro to work together since the film Traffic. In Traffic, del Toro played a Mexican police officer, and earned an Oscar for best supporting actor.