Film legend Baz Luhrmann will film his next blockbuster in Queensland, delving into the life of Elvis Presley.

Despite Presley having never visited Australia, Luhrmann will make a biopic on the life of the King at Village Roadshow on the Gold Coast.

The film production is expected to inject more than $105 million into the Queensland economy.

"He is bringing a bit of Memphis to Mudgeeraba, a bit of Graceland to Gaven, in summer we can certainly bring the sultry humidity of the deep south," Premier Annastacia Palaszczuk said.

The role of Colonel Tom Parker, Elvis' manager and a key part of the film, will be played by dual Oscar winner Tom Hanks.