The King of Pop's estate bosses have granted King full access to Jackson's music and the mogul has recruited Oscar-nominated writer John Logan to tackle the screenplay.
King and Logan worked together on Martin Scorsese's "The Aviator" - a film about the life of Howard Hughes.
Jackson died in June, 2009, aged 50, but he continues to make headlines thanks to ongoing child molestation allegations, which came to light again in the documentary "Leaving Neverland". HBO bosses are still locked in a $100 million lawsuit over the 2019 film.
Meanwhile, King is also working on a new film about the Bee Gees.