Acclaimed Australian director Baz Luhrmann is set to film an upcoming movie based on the life of Elvis Presley in Queensland and former One Direction member Harry Styles is in the running to play the King himself.

According to Hollywood Reporter, in addition to Styles, Ansel Elgort, Miles Teller, Aaron Taylor-Johnson and Austin Butler have also tested for the part.

US actor and film legend Tom Hanks is already confirmed to be taking on the role of Presley's manager, Colonel Tom Parker.

Sydney-born filmmaker Luhrmann met with Queensland Premier Annastacia Palaszczuk in London earlier in the year to discuss the project, with production to take place at the Village Roadshow studios on the Gold Coast.

"[The film] is expected to inject more than $105 million into the local economy," Palaszczuk said.

"It doesn't just offer work for Queenslanders — it offers opportunities for actors from other parts of the world to come and visit Queensland."

The Presley film will be Luhrmann's first directorial feature since 2013's The Great Gatsby, starring Leonardo Dicaprio, which was filmed in Sydney and went on to win a number of Academy, BAFTA and AACTA awards.