Jared Leto will play Hugh Hefner in upcoming biopic

Brett Ratner will direct the movie about the famous Playboy founder
Photo: Tullio M. Puglia/Getty Images - Oscar award winning actor<b> Jared Leto</b> attends the <i>&#39;Dallas Buyers Club&#39; Premiere And Vanity Fair Award</i> event during the 8th Rome Film Festival at Auditorium Parco Della Musica on November 9, 2013 in Rome.
Oct 3 | 4:13 PM EDT

Hugh Hefner's iconic legacy is making its way to the big screen.

Award-winning director Brett Ratner confirmed to The Hollywood Reporter and that his film is already in early development. He also confirmed Jared Leto will play the late American editor, publisher, and founder of Playboy magazine.

“Jared is an old friend,” Ratner said. “When he heard I got the rights to Hef’s story, he told me, ‘I want to play him. I want to understand him.’ And I really believe Jared can do it. He’s one of the great actors of today.”

Ratner went on to say that he had wanted to introduce Hef to Leto at the premiere of Amazon's American Playboy: The Hugh Hefner Story series at the Playboy mansion earlier this year, but that he was not able to because Hef was in poor health that day.

There has been no comment on when filming is expected to start or when the movie will be released.

This story is developing.