Baz Luhrmann's untitled Elvis Presley biopic has been given a release date.

It has been announced by Warner Bros. that the forthcoming movie about the King of Rock 'n' Roll, is slated for release on October 1, 2021, and the director is keen to begin production on the project later this year.

This news comes after it was confirmed that Austin Butler will play the iconic musician, beating Harry Styles, Ansel Elgort, Aaron Taylor-Johnson and Miles Teller, who were all screen-tested for the role.

Luhrmann will direct the movie and has penned the script along with Craig Pearce, and the filmmaker previously said he was keen to hire a relatively unknown actor to play the late 'Hound Dog' hitmaker - who died in 1977 aged 42 at his Graceland estate.

Speaking of the casting, Luhrmann previously said: ''I knew I couldn't make this film if the casting wasn't absolutely right, and we searched thoroughly for an actor with the ability to evoke the singular natural movement and vocal qualities of this peerless star, but also the inner vulnerability of the artist.

''Through a journey of extensive screen testing and music and performance workshops, I knew unequivocally that I had found someone who could embody the spirit of one of the world's most iconic musical figures.''

Tom Hanks is currently on board to play Presley's former manager Colonel Tom Parker who spotted Elvis' talent in the early 1950s, initially helping him with bookings and promotion before becoming his manager.

He went on to arrange the music legend's deal with RCA, and the singer's first single with the label 'Heartbreak Hotel' set him on the path to super-stardom after it was released in January 1956.