The musician revealed that he is in negotiations about the screenplay during in an interview with VH1.
Sorum said: "I've talked about doing a screenplay, and that's actually something that I'm in talks about with a couple of pretty big people."
He added that the film will have a different energy to most rock biopics of the past, saying: "If you look at rock and roll movies, they've never been done right... If there was a film about Guns N' Roses, the thing about Guns N' Roses that was different than all the butt rock bands in Hollywood was that it was down and dirty and punk rock and real.
"As much as anyone wants to say they want to try to lump it in with hair metal, it never was because it was a different kind of energy. There was a much sort of more street, dark undercurrent happening that could be great on film."
Sorum was recently inducted into the Rock & Roll Hall of Fame with bandmates Duff McKagan and Slash. Former lead singer Axl Rose declined an invitation to the ceremony, saying that he did not want to be inducted as a member of Guns N' Roses.
Rose was later booed by angry fans when his name was mentioned during the band's acceptance speech.
There is no word yet on which other Guns N' Roses band members, if any, will also be involved with Sorum's project.
Watch Guns N' Roses in the video for 'November Rain' below: