Music has always played a huge part in Luhrmann's films, so this makes some sense from that standpoint. He also seems like a natural fit for the rhinestone jumpsuit segment of the King's career, as anyone who's seen Strictly Ballroom (1992) can attest.
The studio has already secured the rights to all of the music star's songs – so there will be full freedom to pick and choose from his back catalogue – plus Saving Mr. Banks' (2013) Kelly Marcel is already at work on the script.
What we don't yet know – aside from whether Luhrmann will take the gig – is where in The King's life the story will focus, or whether it'll take the A-Z life plot and follow him from his younger days through his super stardom and movie roles to his battles with his own fame and his untimely death. It wouldn't be the first attempt to bring his life to the big screen, and it will join the likes of Last Train To Memphis, which has Mick Jagger as a producer.