The 43-year-old "Borat" actor, who was initially set to play the late Queen rocker, is now expected to not only take on the lead role but also take part in the creative process, reported Aceshowbiz.
The band's manager Jim Beach said as quoted by The Playlist at the Artist & Management Awards, "An important breakthrough is that we have now managed to persuade Sacha Baron Cohen to write, produce and direct this movie, and he has also agreed to star."
"Skyfall" actor Ben Whishaw was tapped to take over the lead role after Cohen's departure.
The project, however, put on hold when Fletcher exited due to, again, creative differences.