The movie and television Web site Zap2it.com cited British sources as saying the 22-year-old *NSync turned down playing the lead in a film about the veteran musician, saying he's "too busy."
Timberlake portrayed the Rocket Man before, in John's 2001 music video for "This Train Don't Stop There Any More." In the '70s-inspired video, the *NSync singer makes his way from the concert stage to the dressing room backstage. Paul Reubens plays young Elton John's manager.
During the shoot, Timberlake impressed Sir Elton and his partner David Furnish, who is overseeing the film's production. The pair will now search for a new actor to play the young Elton in the film, which will begin production in 2004.
Timberlake is currently touring the UK and appears in the McDonalds "I'm Lovin' It" commercials.
2014: The Year in Music [PHOTOS]