The 51-year-old Moulin Rouge! and The Great Gatsby director has reportedly been in talks "for several weeks" with Warner Bros. about the movie. The studio is said to have secured the rights to Presley's extensive catalogue of music.
50 Shades of Grey screenplay writer Kelly Marcel will write the currently untitled film. Gail Berman of Tecumseh Productions and Andrew Mittman of Whalerock Industries have been brought on as producer and executive producer, and Warner Bros. executive Courtenay Valenti will oversee the project.
Lurhmann's wife, Catherine Martin, is expected to serve as costume designer if the director comes on board. Martin has won four Academy Awards for her work on Moulin Rouge! and The Great Gatsby.
Swim Week Miami Beach 2014 [PHOTOS]