The 60 year old star said the "Social Network" star is top of his wish list.
He said Timberlake had been "superb" while portraying him in a video of his song "Rocket Man."
John and his partner David Furnish are producing the biopic, which has the provisional title of "Rocket Man".
It will tell the story of the flamboyant singer's rise to fame and include many of his biggest hits, including "Your Song" and "Goodbye Yellow Brick Road" John said a major announcement about the film will be made in the coming weeks but he said a director had already been chosen.
Lee Hall, who wrote "Billy Elliot" and a co-writer of the Christmas box office hit "War Horse" has penned the script.
John said the film would be a "jukebox musical" about his life.
"It's going to be a surreal look at my life, and not just a factual look at my life, more in the manner of a "Moulin Rouge!", said John.
"I just don't want it to be a normal biopic because my life hasn't been like that."
He added:"We're making an announcement about that very, very soon. We have a director on board, and then it's just going to be a matter of getting the script exactly the way we want it."
John said a lead actor had yet to be chosen, but his preferred choice was 30 year old Timberlake who made his name as singer with boyband N Sync before turning going sol and branching out into acting "I've got a wish list of people. No. 1 on my wish list is Justin Timberlake, because he played me before in a David LaChapelle video of Rocket Man and was superb." he told the Los Angeles Times.
The singer – who is nominated for a Golden Globe on January 15 for his song Hello, Hello from the film Gnomeo & Juliet, will be back in the studio soon to record a new album – but insisted his days as a Top 40 pop star are over.
"As Elton John, my days on pop radio are over, and I know that and I accept it and I'm not unhappy about it. It's a different time of my life now, and it gives me the freedom to do whatever kind of music I want to do," he said.
"When I say I don't have to write pop songs anymore, there's no way I'm going to get on the radio at 60 years of age unless I'm doing a duet with Gaga or I was on "All of the Lights," which was a Kanye West record that managed to get on the radio."
John also spoke about how his son Zachary has changed his life.
He said:"I love him so much. He's the light of our lives. I've had an amazing professional life, personal life, but at 64 to have a son who gives us that much love and enjoyment is, wow!"