In a statement to Queen Online, the rocker explained that a first draft of the biopic's script has been completed by writer Peter Morgan and is now "fully under way".
"Work is now fully under way for the much-vaunted feature film on the life of Freddie," he explained.
"Peter Morgan has delivered a first draft of the movie, which everyone is very excited about, and Sacha Baron Cohen is chomping at the bit to get into the role, in a way which certainly would delight Freddie!"
May added: "The whole team [are] now working on preparing for a shoot later this year, and a release in the late autumn of 2012."
Morgan previously insisted that the film would not deal with Mercury's struggle with AIDS.