Paramount Pictures is finalizing a deal to develop the movie, based on "Furious Love," a book about their tempestuous love story, Deadline.com reports.
Taylor, who passed away in March at age 79, fell in love with the married Burton on the set of "Cleopatra." At the time, Taylor was 29 and already married to her FOURTH husband, singer Eddie Fisher, who caused the tabloid scandal of the day when left his then-wife, Debbie Reynolds, to be with her.
The Vatican condemned their affair because each was married. Taylor and Burton divorced their respective spouses, married in 1964, and divorced in 1974. They remarried the following year, only to divorce the second time in 1976.
In the end, the iconic violet-eyed beauty was married eight times, including twice to Burton. But Burton remained the love of her life.