According to initial reports, the flick will be based on Elijah Wald's book Dylan Goes Electric and will delve into the period where the singer-songwriter made the move from folk to rock music.
Dylan will executive produce for Fox Searchlight, and music rights have already been secured.
The project will join a growing list of biopics about legends of the music world, kick-started by Bohemian Rhapsody's mammoth success at the box office at the tail end of 2018.
Since then, Elton John's life has been heroed in Rocketman - for which actor Taron Egerton won a Golden Globe on Sunday - and a "movie about the life and career" of Michael Jackson is reportedly in the works.
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