Queensland is set to host the production of a new Baz Luhrmann film based on the life of Elvis Presley.

Key points: The production will be based at the Village Roadshow studios on the Gold Coast

The production will be based at the Village Roadshow studios on the Gold Coast Tom Hanks is set to play Elvis' manager Colonel Tom Parker

Tom Hanks is set to play Elvis' manager Colonel Tom Parker Mr Luhrmann says he is still searching for an actor to play Elvis

The Australian director, known for his films like Romeo + Juliet, The Great Gatsby, Moulin Rouge and Australia met with Premier Annastacia Palaszczuk in London last month to secure the film.

Production will be based at the Village Roadshow studios on the Gold Coast.

Dual Oscar winner Tom Hanks has been signed to be Elvis' manager Colonel Tom Parker, who had a complicated relationship with the star.

A worldwide search is underway for an actor to play The King himself.

Mr Luhrmann said he is excited to get back to Queensland, which he described as "a conducive creative environment to realise this film".

Baz Luhrmann and Annastacia Palaszczuk met in London. ( Supplied: Annastacia Palaszczuk )

"I am committed ... to developing Queensland's creative culture and supporting filmmakers, storytellers and artists of all kinds, in the same manner that we ourselves were supported and mentored early in our careers."

Ms Palaszczuk told Parliament, the production is set to create about 900 jobs for locals in set production, catering, and costume design.

It is expected to inject more than $105 million into the local economy.

"He is bringing a bit of Memphis to Mudgeeraba, a bit of Graceland to Gaven," she said.

"In summer we can certainly bring the sultry humidity of the 'Deep South'.

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

Mr Luhrmann said he had been researching the film over the past 1.5 years, seen here at Graceland. ( Twitter: @bazluhrmann )

Movies to be filmed in Queensland in recent years include Thor: Ragnarok, Dora and the Lost City of Gold, Pirates of the Caribbean: Dead Men Tell no Tales, Kong: Skull Island, and San Andreas.

Opposition Leader Deb Frecklington questioned the length of the jobs from the production.

"We need more than an Elvis sugar hit of non-permanent jobs to tackle one of the worst unemployment rates in the country," she said.

"We need a little less conversation from the Palaszczuk Labor Government and a little more action."

Gold Coast mayor Tom Tate said he expects filming to start before the end of the year.

"It is wonderful as wrapping of Godzilla vs King Kong is happening now and it is really timely we roll on with the next, so from Thor to Godzilla onto filming Elvis," he said.

"A lot of filmmakers are starting to call the Gold Coast home, when there are projects end-to-end they can really establish long-term careers here."

Gold Coast Elvis impersonator Dean Vegas is thrilled.

He said he had a "burning love" for The King and would be "all shook up" if he scored a role in the movie.

"It would be a dream come true to even have a cameo in there, whether it's an extra or anything like that," he said.

"Just the fact that it is going to be filmed in Queensland. I mean we're so honoured to have that there ... and Tom Hanks — Oh my God!"