DiCaprio will also produce the still-untitled biopic about Sun Records founder Phillips, the rock pioneer who produced landmark records by Presley, Johnny Cash, Carl Perkins and many more, reported Deadline.
The Paramount Pictures film is based on the Peter Guralnick's book "Sam Phillips: The Man Who Invented Rock 'N' Roll".
Jagger will hold a similar role in helping to foster the Phillips story to the silver screen as the Rolling Stones singer played on the HBO music drama "Vinyl".
In addition to his string of hits on the Sun label, Phillips also oversaw the legendary and impromptu Million Dollar Quartet session in December 1956, when Presley, Cash, Perkins and Jerry Lee Lewis performed together. Phillips, who also championed for integration in the 1950s, died in 2003.