Harry Styles, Miles Teller and Ansel Elgort in running to play Elvis Presley - report

Tom Hanks is already set to play the Jailhouse Rock hitmaker's manager, Colonel Tom Parker.

Harry Styles, Miles Teller, Ansel Elgort and Austin Butler are reportedly in the running to play Elvis Presley in Baz Luhrmann's new biopic.

The young Hollywood stars all did screen tests for the Australian director late last month, according to editors at The Hollywood Reporter, with Luhrmann set to make a decision next week.

The Warner Bros. movie will tell the story of the iconic musician and his manager Colonel Tom Parker, who is set to be played by Oscar winner Tom Hanks.

Baby Driver star Elgort, 25, is about to start filming Steven Spielberg's remake of West Side Story, while Whiplash star Teller - who at 32 is the oldest of the actors competing for the role of Presley - is currently working on the upcoming Top Gun sequel, Top Gun: Maverick.

Butler, 27, has had roles in Jim Jarmusch's offbeat zombie comedy The Dead Don't Die and Quentin Tarantino's highly-anticipated Once Upon a Time In Hollywood.

And former One Direction singer Styles, who launched a successful solo career after the boyband went on hiatus, put his music on hold as he tried to crack Hollywood. The 25-year-old was last seen on the big screen in Christopher Nolan's 2017 epic, Dunkirk.

Luhrmann, who also helmed classics such as Strictly Ballroom, Romeo + Juliet and Moulin Rouge!, wrote the script for the Presley biopic with Craig Pearce.

The movie will focus on the relationship between veteran manager Parker and the young singer, who came from poverty but eventually changed the course of music.

The Dutch-born manager reportedly controlled Presley's career, took half of his earnings, and banned him from touring outside the U.S.

The Blue Suede Shoes icon died at the age of 42 in 1977, while Parker passed away in 1997 aged 87.

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