Taron Egerton will portray Elton in the biopic Rocketman, which Paramount Pictures is picking up.
Dexter Fletcher, who replaced Bryan Singer to direct the Freddie Mercury biopic Bohemian Rhapsody, is to helm the project.
The film, written by Lee Hall, will include Elton’s emergence as a prodigy at the Royal Academy of Music to becoming a music superstar and his partnership with songwriting collaborator Bernie Taupin.
Matthew Vaughn and his Marv Films will produce, along with Elton and his Rocket Pictures partner David Furnish.
The deal was put together by Wyck Godfrey, president of Paramount Motion Pictures Group. Production is set to start this summer.