Hirst rose from humble beginnings in Leeds to become the UK's richest living artist, worth Â£215m according to the Sunday Times' Rich List.
Penguin Books has promised to push the book in the same "radical" manner as Morrissey's autobiography, which was published under its classic imprint.
The artist has selected journalist James Fox as his ghostwriter.
Fox was the writer behind Rolling Stones guitarist Keith Richards' autobiography, as well as the book White Mischief, which recounted the Happy Valley murder case in Kenya in 1941.
Hirst was one of the founding members of the Young British Artists (YBA) movement, which also counted Tracey Emin, Sarah Lucas and Mark Wallinger amongst its numbers.
Many of them were students at Goldsmiths College in London in the late 1980s. Their first major exhibition, in a warehouse, attracted a number of influential art collectors, including Charles Saatchi - who would later become one of his Hirst's greatest supporters.
Hirst's work - which includes spot paintings and a sheep and shark preserved in formaldehyde - has frequently had the ability to shock.
A two-day auction of his work in 2008 raised a record-breaking Â£111m.
Speaking on the Today programme, Fox said: "He (Hirst) grew up in a pretty bad situation, with his mother, and he and his gang - many of whom became YBA artists, spent half their time housebreaking, stealing, [indulging in] criminality, and the rest of their time indulging their passion for art, which started very early on in their years.
"I found that completely fascinating, moving, the idea of a saving connection to art. The fearlessness of Damien, his ability to take on authority, to never say anything can't be done, to break all the rules. That very much comes from that background."

The cartoon, by prominent artist Jonathan Shapiro, known as Zapiro, also features a poem, which refers to Mr Zuma as a "dick".
The latest row comes just weeks after the ANC forced an art gallery to withdraw a painting showing Mr Zuma with his genitals exposed.
Mr Zuma is set to face Zapiro in court in October over a different cartoon.
The president sued the cartoonist, who works for the Mail & Guardian newspaper, after he depicted Mr Zuma in 2008 about to rape a female figure representing justice. Mr Zuma was cleared of raping a family friend in 2006.
The pair have also clashed over Zapiro's portrayal of Mr Zuma with a shower cap on his head - a reference to Mr Zuma's statement in the rape trial that he had taken a shower after having sex to reduce the chance of contracting HIV.
"We find it unacceptable and shocking that after the harsh experiences that South Africa, the president and his family has experienced few weeks ago, that Zapiro and the Mail & Guardian will find it appropriate to continue with the insults and hurt to the president, his family and the broader ANC constituency," the ANC said in a statement.
"All South Africans share our disgust."
The painting in the gallery triggered a huge debate in South Africa about the freedom of expression and the right to privacy.
Before the gallery agreed to remove the painting, called The Spear, it was vandalised by two men.
In an affidavit, Mr Zuma said: "The portrait depicts me in a manner that suggests I am a philanderer, a womaniser and one with no respect."
Mr Zuma, who has four wives, has previously sued local media companies 11 times for defamation.
Damien Hirst is to publish his autobiography, promising to lay bare the British modern art world.
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South Africa's governing ANC has expressed its "disgust" at a cartoon of President Jacob Zuma as a penis.