John said the film would be a "jukebox musical" about his life.
"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!", said John.
"I just don't want it to be a normal biopic because my life hasn't been like that."
He added:"We're making an announcement about that very, very soon. We have a director on board, and then it's just going to be a matter of getting the script exactly the way we want it."
John said a lead actor had yet to be chosen, but his preferred choice was 30 year old 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." he 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 insisted 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," he 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."
John also spoke about how his son Zachary has changed his life.
He said:"I love him so much. He's the light of our lives. I've had an amazing professional life, personal life, but at 64 to have a son who gives us that much love and enjoyment is, wow!"