Sir Elton's husband, David Furnish, tells me the two music superstars have been talking to each other about the project.
So what's the hold up?
"We're searching for a director," Furnish told me earlier today as he was overseeing preparations for the 20th annual Oscar viewing party benefiting the Elton John AIDS Foundation. "It's important we all share the same vision.
"Elton and Justin have had conversations about it," he continued. "Justin also says he has to feel comfortable with the director and the director has to be comfortable with Justin. The chemistry is really important. There's no race to make this. We're just going to take the time to make it right."
The "Crocodile Rock" legend told the Los Angeles Times last month that Timberlake is "No. 1" on his wish list because he did such a "superb" job playing him in a David LaChapelle video for "Rocket Man."
And his life story may not end with the big screen. "We haven't ruled out a [Broadway] musical," Furnish said. "But we just want to do the movie first."
For now, John and Furnish have their Oscar bash to think about. More than 800 people will gather Sunday under a giant tent in West Hollywood Park. Foster The People will perform with celebrity chef Cat Cora preparing the five-course meal.
"We're creating a vision—a world without AIDS," Furnish said. "It's the biggest disease in the world. More than 34 million are infected with 1.3 million in this country alone. It's not over."
The annual event has raised about $225 million over two decades.
"The biggest thing we have to address is stigma," Furnish said. "People are stigmatized when they have the disease still. They're stigmatized to the point that they're frightened of getting tested, frightened of knowing their status and not getting on their medications. We have to break that cycle."