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The film is set to begin production early next year with filming set to take place right here in Queensland, Australia.
Luhrmann's take on the King of Rock 'n' Roll will particularly focus on his rise to fame.
Butler, who is currently dating High School Musical's Vanessa Hudgens joins Toy Story's Tom Hanks who is set to play manager Colonel Tom Parker in the film!
Stay tuned for more details as it comes.
