Malek would be playing the Dustin Hoffman role, and Hunnam will be playing the McQueen role. The film was based on the memoirs of convicted felon and fugitive Henri Charriere, who escaped from Devil's island in French Guiana, South America. This new film will be a modern retelling of that story.
In the meantime, you can catch Malek in the second season of "Mr. Robot", which is currently being aired.