The Les Misérables director will reportedly reunite with Sacha Baron Cohen on the film, according to Deadline. Baron Cohen has long been attached to star as the legendarily flamboyant Queen frontman.
Robert De Niro, Jane Rosenthal, Graham King and Tim Headington are attached to the project as producers.
The film was previously planned to shoot in 2011, but has been held up by contractual complications. Mercury's former bandmate Brian May has most recently said that the biopic should arrive in cinemas in early 2014.
Hooper is yet to announce a project to follow on from Les Misérables and 2010's The King's Speech.
Watch a clip of Freddie Mercury and Queen at Live Aid below: