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.
"I had no idea how to handle the industry, to interact with producers, executive producers, studios… I was 24 – punching above my weight," he told the Metro newspaper.
"And it’s taken being someone’s dad, being divorced, going to rehab, having mortgages, playing different characters, doing theatre, waiting and then it not happening. And then doing rather well at something, enjoying my character work, but it not being a huge amount of money."
Tom will also star in a new film based on the life of London gangsters Reggie and Ronnie Kray, and he has joined the cast of BBC hit show Peaky Blinders, where he will be working with his fiancée Charlotte Riley.