AceShowbiz -

Fresh off his directing gig in the critically-acclaimed "The Great Gatsby", Baz Luhrmann is in negotiations to helm an untitled Elvis Presley biopic. According to a scoop from The Wrap, the "Moulin Rouge!" director will shepherd the project for Warner Bros.

Kelly Marcel ("Fifty Shades of Grey", "Saving Mr. Banks") is tapped to write the screenplay. The studio reportedly has secured rights to all musical components in the late musician's catalog, ensuring that they will have liberty to use his biggest hits in the movie.

Luhrmann has always worked with his wife, Catherine Martin, to help him with costume and production designs in his previous films. She won Oscars for her works in "Moulin Rouge!" and "The Great Gatsby". If Luhrmann lands a deal in this biopic, he is likely to bring her onboard as well.

A rival project about Presley with Mick Jagger as a producer is also in the works at 20th Century Fox. Kevin MacDonald ("The Last King of Scotland") is expected to helm the flick titled "Last Train to Memphis". It's based on the 1995 Peter Guralnick biography chronicling the King of Rock and Roll's early years and his transformation from a high school kid to an overnight sensation.