According to TheWrap, Baz Luhrmann is in negotiations to direct Warner Bros.' Elvis Presley Biopic
from a script written by Fifty Shades Of Grey
scribe Kelly Marcel.
Oscar winning costume, production and set designer Catherine Martin is also likely to board the project.
No word yet from the studio on whether the biopic will focus on a particular time in Presley's life, or will tell his whole story.
Gail Berman is producing for Tecumseh Productions and Andrew Mittman is executive producing for Whalerock Industries.
According to the report, Warner Bros. has secured the rights to Presley's entire music catalog.
The Australian director is also set to direct the film adaptation of 70's TV series Kung Fu.
Luhrmann is rewriting the script, which was originally penned by Black Swan's John McLaughlin.
King Fu ran on American network ABC from 1972-75 and starred David Carradine as a Shaolin monk.