According to a recent interview, author Michael Cunningan (who received a 1999 Pulitzer prize in Fiction for his book "The Hours") has now finished the screenplay for an uncoming Freddie Mercury biopic. Although Cunningham is not currently able to disclose the names of any actors involved in the project, he implies that major stars may be involved.

Here is a link:
http://www.blackfilm.com/20070601/features/michaelcunningham.shtml.