has been in the pipeline for over two years - with rumours circulating in 2013 that Tom Hardy would play the singer - and his filmmaker husband David Furnish has teased that the project will veer towards a "magnificent" and theatrical extravaganza, rather than a straight biopic.
He revealed: "We are putting together our financing... It's a musical fantasy biopic. It's very much an exaggerated, magnificent version of Elton's life as it might have happened so we very much want the right partners and finance in place to do the job properly."
The couple are keen to give the project the right treatment and are currently working to raise funds to kickstart the movie.
David added to E! Online: "It's an ongoing process raising money for a film and we also want to make it in the way we feel it needs to be made."
The Rocket Man singer has enjoyed a spectacular career and based on what David has said, his colourful personal life - including his marriage to Renate Blauel from 1994 to 1988, his estrangement from his mother Sheila Farebrother, and his difficult relationship with his father Stanley Dwight, who died in 1991 - may take a back seat in favour of his glittering success.
Elton married David, 53, in 2014 and the couple have sons Zachary, four, and Elijah, two, who were born via a surrogate.