The actress - known as Nolly - was at one time one of the most famous people in the country, having played the part of flame-haired motel owner Meg Richardson since the soap's first episode in 1964.
In 1981, however, Gordon was stunned to find herself sacked without warning or cause as the network attempted to kill off the show - events which will be dramatised in Nolly.
ITV drama head Polly Hill said: "Russell's scripts are magnificent and a great tribute to Noele Gordon, but also to our national love of soaps and a celebration of the incredible women they create.
"Helena Bonham Carter is going to be amazing as Nolly and we can't wait for her to step into those shoes."
Davies, whose work on the show is expected to be his last project before he returns to Doctor Who next year, added: "One of my very first jobs in TV was a trial script for Crossroads, and I've wanted to write the story of behind the scenes on that show for 40 years. At last, the truth can be told!"
Nolly goes into production next year. body check tags ::