Netflix said that Spencer will produce and star in a limited series about the outsized life of Sarah Breedlove, who was known professionally as Walker.
The eight-episode drama is based on the book “On Her Own Ground” by A’Lelia Bundles and includes basketball star LeBron James as a producer.
Walker became one of America’s first self-made female millionaires by creating and marketing hair products for African-Americans at the turn of the 20th century.
Netflix said the series will detail the hostility, rivalries and tumultuous personal life that marked Walker’s life.
Spencer is an Oscar-winning actress whose credits include “The Shape of Water,” ”Hidden Figures” and “The Help.”
A release date for “Madam C.J. Walker” was not announced.