The director is apparently in negotiations with Warner Bros for several weeks about depicting the life of the iconic singer, who died in 1977 aged 42, on the big screen, reported TheWrap.
'Fifty Shades of Grey' writer Kelly Marcel is working on an original screenplay for the film, though it is unclear what period of his life the movie would depict.
Gail Berman is producing for Tecumseh Productions, while Andrew Mittman of Whalerock Industries will executive produce and Warner Bros executive Courtenay Valenti will oversee the project on behalf of the studio.
If Luhrmann accepts an offer from the studio, it is likely his wife Catherine Martin will also join the project as costume designer, and also production designer.