Elton John and his partner David Furnish are producing a film about John's life, which has the working title of 'Rocket Man.'
The film will tell the story of the flamboyant singer's rise to fame and include many of his biggest hits.
John said a major announcement about the film will be made in the coming weeks but he said a director had already been chosen.
Lee Hall, who wrote 'Billy Elliot' and a co-writer of the Christmas box office hit 'War Horse' has written the script.
John said: "It's going to be a surreal look at my life, and not just a factual look at my life, more in the manner of a "Moulin Rouge. I just don't want it to be a normal biopic because my life hasn't been like that."
John said a lead actor had yet to be chosen, but his choice was 30-year-old Justin Timberlake who made his name as singer with boyband N Sync before turning going sol and branching out into acting.
"I've got a wish list of people. No. 1 on my wish list is Justin Timberlake, because he played me before in a David LaChapelle video of Rocket Man and was superb." John told the Los Angeles Times.
The singer – who is nominated for a Golden Globe on January 15 for his song 'Hello, Hello' from the film 'Gnomeo & Juliet,' will be back in the studio soon to record a new album, but isays his days as a Top 40 pop star are over.
"As Elton John, my days on pop radio are over, and I know that and I accept it and I'm not unhappy about it. It's a different time of my life now, and it gives me the freedom to do whatever kind of music I want to do," John said.
"When I say I don't have to write pop songs anymore, there's no way I'm going to get on the radio at 60 years of age unless I'm doing a duet with Gaga or I was on "All of the Lights," which was a Kanye West record that managed to get on the radio."