The Wolf of Wall Street filmmaker, who signed on to develop the film in 2009, wanted Al Pacino to play Ol' Blue Eyes and Robert De Niro to portray his Rat Pack sidekick Dean Martin. Frequent Scorsese collaborator Leonardo DiCaprio was also linked to the role, but he subsequently revealed he had no plans to appear in the film.

The 74-year-old now reveals he has shelved plans to develop the feature film over objections from the Sinatra family.

"We can't do it," he tells The Toronto Sun. "I think it is finally over. (The estate) won't agree to it. Open it up again and I'm there!"

Field of Dreams screenwriter Phil Alden Robinson was working on a script for the film, but Scorsese reveals they weren't able to move past the screenplay development phase.

"Certain things are very difficult for a family, and I totally understand," he continues. "But, if they expect me to be doing it, they can't hold back certain things. The problem is that the man was so complex. Everybody is so complex - but Sinatra in particular."

In 2009, Sinatra's daughter Tina signed on to the project as an executive producer, but she was reportedly unhappy with the way the script highlighted the darker side of Sinatra's career - concentrating on his alleged associations with Mafia gang lords during his 1960s hey-day.

"Marty wants it to be hard-hitting and showcase the violent, sexually charged, hard-drinking Frank, but Tina wants to show the softer side of her dad and let the focus be on the music," a source told the New York Post.

"The Sixties were a very swinging time for Frank - he was having sex with a variety of bimbos and cementing his Rat Pack status," the source added. "It's a really key time to his mythology. Tina really wants to make sure that a sanitised Frank comes through, and that it's not overly negative."