Universal and Mandalay's Peter Guber and Cathy Schulman have been quietly developing the project for two years while they worked feverishly to secure the life and music rights from Frank Sinatra Enterprises — a joint venture of the Sinatra Estate and Warner Music Group.

Phil Alden Robinson is writing the screenplay.

Although no actor is attached to star in the film, Schulman said Leonardo DiCaprio is an obvious candidate because he has become Scorsese's go-to actor over the past decade, having starred in the director's past four features: "Gangs of New York," "The Aviator," "The Departed" and the upcoming "Shutter Island." Because any music in the film will come from Sinatra's recordings, it will not be necessary to cast an actor who is a proficient singer.

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Project marks the first bigscreen pic to be made about the Hoboken, N.J., native, whose life provided endless fodder for the gossip columnists because of his tumultuous love affairs, infamous friendships with the likes of President Kennedy and possible Mafia ties. Schulman described the story as an unconventional biopic that will touch on all phases of Sinatra's life.