The musical will be directed by Michael Gracey, who recently worked on Fox's upcoming 'The Greatest Showman On Earth' which stars Hugh Jackman, reported Digital Spy.
"Tom is a stellar talent who will add extraordinary depth and nuance in bringing Elton's story to life. We are excited to have such a gifted actor on board, and equally excited to be in the hands of Peter Schlessel and the entire Focus Features team," Rocket Pictures CEO Steve Hamilton Shaw said.
John, 66, will be re-recording a number of his greatest hits to fit in with the emotion of the film.