To be directed by "Rush Hour"-fame Brett Ratner, the film is currently in early development, according to The Hollywood Reporter.
"Jared is an old friend. When he heard I got the rights to Hef's story, he told me, 'I want to play him. I want to understand him.' And I really believe Jared can do it. He's one of the great actors of today," Ratner, 48, said.
The director is also onboard as a producer with his banner, RatPac Entertainment.
Ratner snapped up the rights from Weintraub.
More From This Section
The director had invited Leto the Playboy Mansion for the premiere of Amazon's docuseries "American Playboy: The Hugh Hefner Story" but the media mogul could not meet the actor due to ill health.
Ratner, however, believes it would not be hard for Leto to channel the silk pyjama and smoking jacket wearing Hefner as there is enough footage for research.