Actor is in negotiations to play Elvis Presleys iconic manager Colonel in Baz Luhrmanns untitled biopic.

The Warner Bros. project is about the legendary musician. Luhrmann will direct the movie. He also penned the script with Craig Pearce, reports variety.com.

Luhrmann always envisioned a star for Parker's part, but he wants a newcomer for the role of Presley. The director has begun meeting with talent for the part.

"A budget is still being ironed out, but Hanks' commitment will urge the studio to push the project forward. Luhrmann hopes to get the film into production sometime this year," a source said.

The film will mark Luhrmann's first feature since 2013's "The Great Gatsby", and he has been working on the project with his wife and co-producer Catherine Martin, since that time.

According to ew.com, the film will deal with his relationship with Parker. Parker was a Dutch-born music manager who revived his floundering career when he discovered a young Presley in the mid-1950s.

Presley was not yet 18, and Parker began a two-year process of eliminating all other agents and managers in his life to become his exclusive representative. He played an essential role in crafting Presley into a music icon.

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