Sacha Baron Cohen, who was to play the Queen frontman, dropped out of the project in July after clashing over the content of the film.
Rush's Peter Morgan was working on the Queen movie with Cohen, who wanted his Les Misérables director Tom Hooper or David Fincher to make the film.
Morgan recently claimed to the BBC that the project was unlikely to happen after Cohen's departure.
Graham King, Tim Headington, Robert De Niro and Jane Rosenthal are producing the film alongside Queen Films.
> Casting Freddie Mercury: Who should play the Queen frontman?
Watch King discuss the biopic with Digital Spy below: