The film will be director by Brett Ratner, the man behind the lens of such films as ‘Rush Hour’ and ‘X-Men: The Last Stand’.
“When he heard I got the rights to Hef's story, he (Leto) told me, 'I want to play him. I want to understand him’. And I really believe Jared can do it,” Brett told The Hollywood Reporter. “He's one of the great actors of today."
The film has been in development for a number of years and it was previously reported that Robert Downey Jr. was going to play the lead role.
We can’t wait to see Jared in Hef’s trademark pyjamas.
Hugh Hefner died last month at the grand old age of 91. The iconic public figure died of natural causes at his infamous Playboy Mansion in LA, surrounded by loved ones.
At the time of his death last month, Hefner's son Cooper, who is CCO of the Playboy empire, paid tribute to his father, describing him as a "cultural pioneer".
Hefner, who once invited Hot Press magazine into the Playboy Mansion for an exclusive interview, started his publication back in 1953 with $8,000 that he managed to put together, including a $1,000 gift from his own mother!
Hefner only decided to start-up his own publication after he quit his job at a magazine after being refused a $5 raise! Hefner was originally going to call the magazine Stag Party, but changed his mind and called it Playboy. The rest, as they say, is history.
Cooper said: "My father lived an exceptional and impactful life as a media and cultural pioneer and a leading voice behind some of the most significant social and cultural movements of our time in advocating free speech, civil rights and sexual freedom.
"He defined a lifestyle and ethos that lie at the heart of the Playboy brand, one of the most recognizable and enduring in history.
"He will be greatly missed by many, including his wife Crystal, my sister Christie and my brothers David and Marston, and all of us at Playboy Enterprises."
A countless number of stars took to Twitter to pay their respect after his death.

RIP to the legendary Hugh Hefner! I’m so honored to have been a part of the Playboy team! You will be greatly missed! Love you Hef! Xoxo

— Kim Kardashian West (@KimKardashian) September 28, 2017

R.I.P. To da legend da icon Mr. Hugh Hefner! Nobody did it you like sir! Sleep in peace my brother! Love

— Mack Maine (@mackmaine) September 28, 2017

Hugh Hefner (1926-2017).
The editor-in-chief and publisher of Playboy magazine#RIP
"At last he slept alone"

— Mohandas Menon (@mohanstatsman) September 28, 2017

Hugh Hefner’s definition of obscenity:
“Racism, war, bigotry, but sex itself, no. What a sad cold world this would be if we weren’t sexual beings...I mean, that’s the heart of who we are.”

— bob saget (@bobsaget) September 28, 2017

So sad to hear the news about @HughHefner. ? #RIPHef pic.twitter.com/IQiEYhMfvf

— Paris Hilton (@ParisHilton) September 28, 2017

Hugh Hefner was a GIANT in publishing, journalism, free speech & civil rights. He was a true original, and he was my friend. Rest well Hef. pic.twitter.com/bJ1wxoK4gR

— Larry King (@kingsthings) September 28, 2017

Marilyn Monroe helped build #HughHefner 's Playboy empire by being the very first centerfold. Now he will be laid to rest next to her. RIP pic.twitter.com/ECfxarysRi

— The Marilyn Diaries (@MarilynDiary) September 28, 2017