Yesterday, it was announced that famed director Martin Scorsese would be helming a film based on the life of Frank Sinatra, simply titled “Sinatra.” Based on a screenplay by Phil Alden Robinson and backed up by Universal, the only thing the biopic needs is a leading man. As of now, reports have it the race is tight between Leonardo DiCaprio, Johnny Depp and newcomer Chris Pine.

The rumor that Pine, most recently seen and acclaimed in “Star Trek,” would be a suitable candidate for “Sinatra” is more wishful-thinking than anything else, several movie-oriented publications are pointing out. However, DiCaprio and Depp are running almost neck and neck, since the former is backed up by director Scorsese himself, while Depp is a favorite with Universal, it is being said.

According to reports in the US media, Universal might get to have the final word, since, in the end, it is the one making sure it comes up with sponsors for the project, which means that Depp is the most obvious choice. Another speculation currently making the rounds is that Universal would want to continue with Depp, who will be seen next as the charming bank robber John Dillinger in “Public Enemies,” and would cast him as Sinatra.

“Universal, the studio behind Martin Scorsese’s recently announced Frank Sinatra biopic, has put Johnny Depp at the top of its wish list of actors to play Ol’ Blue Eyes. Scorsese had reportedly been eyeing longtime collaborator Leonardo DiCaprio (‘Gangs of New York,’ ‘The Aviator,’ ‘The Departed’) for the lead role. But now that the Universal-produced period-heist picture ‘Public Enemies,’ starring Depp and Christian Bale, looks like a potential winner, the studio is eager to line up Depp’s next high-profile project. Universal would neither confirm or deny the report.” EW writes, citing a Deadline Hollywood Daily report.

One aspect that could have weighed heavily in the balance when choosing one star or another – their singing abilities – has already been ruled out, DHD reports. “It’s already been determined that the lead actor playing Sinatra won’t be singing. The movie will feature Sinatra’s own recordings thanks to a deal with Frank Sinatra Enterprises, guaranteeing the participation of the Sinatra estate and Warner Music Group.” the e-zine says.

As we reported earlier, “Public Enemies,” starring Johnny Depp, Christian Bale and Marion Cotillard, drops in US theaters on July 1, 2009. For more on the “Sinatra” biopic, keep an eye on this space.