Michael Jackson and choreographer-director Kenny Ortega are seen during a May rehearsal in Burbank, Calif., for the entertainer's This Is It concert series. (John Shearer/AEG/Getty Images)

Hollywood is buzzing about a proposed movie project to be created from footage of Michael Jackson rehearsing and preparing for his This Is It concert series before his sudden death in June.

According to U.S. media and movie industry reports, Sony Pictures is among the lead bidders offering more than $50 million US for rights to the approximately 80 hours of high-definition, full dress rehearsal footage captured by AEG Entertainment, the company behind Jackson's concert series.

The London series was to have started July 13. Jackson died on June 25 at age 50.

Sony Pictures is considered to have an edge over other competitors because its sibling company, Sony Music Entertainment, is the distributor of Jackson's solo material.

High-quality clip showcased Jackson dancing

Earlier this month, AEG released a brief, high-quality clip of Jackson performing with dancers and a guitarist — whetting the appetite for the rehearsal footage. The company has also created several prepared videos (including an alternative version of Thriller) that were meant to be shown during Jackson's London concerts.

High School Musical director Kenny Ortega, one of the creative minds behind the London series and director of the AEG footage, is said to be a leading contender to direct the proposed movie project, which could be released as early as October.

The proceeds of any deal made would be split by AEG and Jackson's estate, which controls the rights to the entertainer's name and likeness.

John Branca and John McClain, who were named in Jackson's will, are currently the temporary executors of the estate. A judge will determine in August whether they will remain the estate's permanent administrators.

Musical tribute possible

In an interview with Billboard earlier this month, AEG Live CEO Randy Phillips talked about plans to stage a musical tribute to Jackson, mentioning his birthday of Aug. 29 would be an ideal date.

According to reports, organizers would like to see the singer's younger sister, Janet Jackson, and other current pop stars such as Justin Timberlake and will.i.am perform the set list and choreography Jackson had intended for his London shows, with the same staging that was planned and accompanied by the musicians and dancers hired for the series.

Though AEG agreed to refund the price of tickets to fans, a small percentage have kept their tickets as mementoes. The company also began selling T-shirts and other memorabilia created for the series.

AEG spent $30 million US to stage the This Is It concerts, and was expecting to make tens of millions more from sales of tickets, merchadise and food.