The 36-year-old actor - who previously played villain Bane in The Dark Knight Rises, and has starred in films like Bronson and Lawless - will start shooting Rocketman in late 2014.
The film is being made with the co-operation of Sir Elton, 66, who will work as an executive producer on the project. It will follow Reg Dwight's journey from child piano prodigy to global superstar, now known by millions as Elton John.
Rocketman is based on a screenplay by the writer of War Horse, Lee Hall, and is being directed by Michael Gracey, the man behind Jim Henson biopic The Muppet Man.
"Tom is quickly becoming known as one of the world's most versatile actors, and like others at the top of their craft, he has proven his ability to transform himself completely into the character or subject found in the material," co-executive producer Peter Schlessel told Variety.
"We are confident that Tom will embody the physicality and spirit of Sir Elton."
Tom is not the first actor to play Sir Elton. In 2001, Justin Timberlake appeared as a 'young Elton' in the video for the latter's single, This Train Don’t Stop There Any More.