New Regency and Fox are coming aboard to co-produce the film with Graham King producing as well.
Singer confirmed the news on Instagram with a photo of the group confirming his involvement as well as Malek’s.
“The Theory Of Everything” scribe Anthony McCarten penned the script.
King has been trying to get the project off the ground for sometime having originally set it up at Sony with Sacha Baron Cohen at one point set to star. When Cohen dropped out, King began shopping the project elsewhere while looking for a new director and front-man to star in the pic.
Jim Beach is also producing with Denis O’Sullivan exec producing. Original Queen bandmembers Brian May and Roger Taylor will serve as music producers.
Malek, 35, recently won the best actor Emmy for USA’s hit cyber series “Mr. Robot.”
King, who won an Oscar for “The Departed”, has Allied bowing on Nov. 23.
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Deadline Hollywood first reported the news.