Apple TV earlier this week said its studio arm had landed the rights to the feature which will be directed by Joseph Kosinski, director of newly released blockbuster "Top Gun: Maverick".
It said Kosinski would also produce the movie along with Hamilton, Plan B Entertainment, Jerry Bruckheimer and Chad Oman.
"It's a really cool project," Hamilton told reporters at the Azerbaijan Grand Prix on Friday.
"We're already working on the script for example ... which is fun, spending good time with Brad which is pretty epic," added the 37-year-old.
Hamilton, the most successful driver in Formula One history, has varied interests outside the sport, including fashion and music. He has even featured in a Christina Aguilera song.
He is also a keen campaigner for human rights, social justice, equality and the environment.
Hamilton, who is currently involved in the making of a documentary about him, said he saw his role as ensuring diversity among the cast and crew.
He also wanted the movie, which Apple TV said would feature Pitt as a driver who comes out of retirement to compete alongside a rookie against the titans of the sport, to capture the essence of Formula One.
"I don't plan to be in it, no," said Hamilton.
"Really my responsibility and something that I take on is just making sure that the cast and the crew in the background is diverse.
"It's really about showing how great this sport really is to people that maybe have never watched it but also making sure that we really keep the real heritage and the true racing spirit in the movie."
He didn't rule out inviting fellow drivers to be a part of it.
"There's lots of people within the sport who are being a part of this, helping educate those who are trying to create this movie," said Hamilton.
"There's talk of already how we're going to capture some of the footage.
"It's going to take us drivers to be involved in that.
"But we're not actors. ... We don't want this movie to be crap, which is probably why I'm not going to be part of it also."