Compact Disc India Ltd., have also acquired the rights to develop games and merchandising around the triple World Cup winner, according to a notice filed with the Bombay Stock Exchange.
"We'll be producing an animation film based on soccer with Pele as the central character," company chairman Suresh Kumar told Reuters.
"However, it is too early to talk about the script or the storyline."
Brazil's Prime Licensing, the company which holds the exclusive rights to the Pele brand, confirmed the deal.
"We felt that an animation film would be the ideal way to reach a very important audience for us, teenagers and kids," the company's CEO Paulo Ferreira told Reuters by phone from Sao Paulo.
"We're aiming for the film to be out in the first half of 2010. Pele will have final say in the script and will also be responsible for promoting the film."
Pele, 68, played a prominent role in the soccer-based 1981 film "Escape to Victory" and has also appeared in TV programmes on the game.
He will emulate top American basketball player Michael Jordan, who made an appearance in the 1996 animation film "Space Jam".
India's animation industry has grown rapidly in the last few years and the nation's filmmakers are also showing keen interest in the genre.
