You knew this was coming. ...The triumph and tradegy of Michael Jackson is in an undiscovered race to the big screen.
According to the LA Times, Sony Pictures has offered $50 million to host an MJ film, beating out Universal, Fox and Paramount (who's bids are unknown, but said to be smaller).** Sony has this upper hand because its music department owns Michael Jackson's solo performances, including the 1200+ hours filmed of Jackson's "This Is It" tour's rehearsals.
Some of the rehearsals were filmed in 3D, and were reported to be distributed via DVD and Blu-ray in late 2010. However, with the competition that Sony's commencing, MJ might have a spot in your local theater.