New Michael Jackson songs may be years from release, but a documentary about the late singer could be in cinemas worldwide before the end of 2009. The promoters of Jackson's aborted O2 residency are in talks to sell the rights to nearly 80 hours of rehearsal footage, with plans to release a concert film.

Sony, Paramount, Universal, 20th Century Fox and Warner Bros studios were all shown footage last week, Daily Variety reports. The studio that ultimately licenses the footage would co-produce the movie with the concert promoters, AEG Live, and Jackson's estate. AEG is looking to recoup tens of millions in costs for Jackson's 50-date Is This It concerts, cancelled after the singer died on 25 June.

Of the interested studios, Sony Pictures is reportedly leading the pack with a bid of $50m (£30m). Sony already has a vested interest in the film's success, given that they distribute Jackson's music and share ownership of his publishing rights. With months to go before the film is even completed, pay-per-view and television rights are also being negotiated. For the latter, figures in the tens of millions of dollars are rumoured.

Kenny Ortega, the High School Musical director who was responsible for the This Is It stage show, would direct the film, according to reports. The film is envisioned as a combined documentary, memorial and concert movie.