APXGP or Apex, are the fictional race team set to feature in the movie, with an experienced driver played by Brad Pitt mentoring a young talent played by Damson Idris.
You may have seen their car tearing round a selection of circuits last year including at the British Grand Prix.
Lewis Hamilton is involved with the film, both starring in it and fulfilling the role of executive producer which will be significant in making the hit as realistic as possible.
Formula 1 photographer Kym Illman revealed the news in a post on Instagram which has received over 25,000 likes.