That’s what The Guardian is reporting. Well, at least that Leo is "in talks" for the Grazer / Ratner collaboration. An unnamed source says "Leo thinks it would make a great movie and Hugh would love Leo to do it – on the condition that Hugh is alive to see it." Which I guess is another way of saying "Leo will do it if it doesn’t take five years to get off the ground."
The Guardian does mention an "unauthorized" made-for-TV Hef bio-pic from a few years back, but this would be the first time the magazine tycoon’s story made it to the big screen. Expect a big ensemble cast and (almost definitely) an R rating.
Source: The Guardian