Tom Hanks is in negotiations to play Elvis Presley’s iconic manager Colonel Tom Parker in Baz Luhrmann’s untitled Warner Bros. biopic about the legendary musician.

Luhrmann will direct the movie. He also penned the script with Craig Pearce.

Parker discovered Presley when he was just an unknown and quickly moved in as his lone representation. Parker was responsible for various milestones, including Presley’s record deal with RCA and his successful acting career.

While Luhrmann always envisioned a star for Parker’s part, he wants a newcomer for the role of Presley. The director has begun meeting with talent for the part.

Insiders say a budget is still being ironed out, but Hanks’ commitment will urge the studio to push the project forward. Luhrmann hopes to get the pic into production sometime this year.

Hanks is no stranger to portraying real-life figures like astronaut Jim Lovell in “Apollo 13,” Washington Post editor Ben Bradlee in “The Post,” airline captain Chesley Sullenberger in “Sully,” Captain Richard Phillips in “Captain Phillips,” Walt Disney in “Saving Mr. Banks,” and Mister Rogers in Sony’s upcoming biopic “A Beautiful Day in the Neighborhood.” Besides the Mister Rogers movie, Hanks can next be seen in the World War II drama “Greyhound” and as Woody in “Toy Story 4.”

He is repped by CAA.