Actor Tom Hanks is in negotiations to play Elvis Presleys iconic manager Colonel Tom Parker 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.