The acquisition was announced Monday by Netflix. It adds a major dose of star power to the streaming service's growing stable of original films. Netflix will produce the film, to be directed by Australian filmmaker David Michod.
Shooting is set to begin in August, with the movie being released on Netflix sometime next year.
"War Machine" is based on Michael Hastings' book "The Operators: The Wild and Terrifying Inside Story of America's War in Afghanistan," based on weeks of nearly unfettered access in 2010 to McChrystal.
Ted Sarandos, chief content officer for Netflix, called the film "a rip-roaring, behind-the-facade tale of modern war decision makers."