The film, from director Baz Luhrmann, was originally set to launch on Nov. 5, 2021. The biopic was not a part of the studio's 2021 slate of films that are releasing the same day in theaters and on HBO Max.
Butler stars Presley, with Hanks as his manager Col. Tom Parker. Maggie Gyllenhaal stars as the music icon's mother.
Olivia DeJonge, Rufus Sewell and Yola also star. The film will cover Presley's career over 20 years and his relationship with Parker.
Luhrmann is also producing with his wife Catherine Martin and penned the script with Craig Pearce. The duo previously wrote Luhrmann's films The Great Gatsby and Moulin Rouge! together.