The script was reportedly written by Oscar-nominee Anthony McCarten, who wrote and produced last year's hit WWII film Darkest Hour, among other films.
Hollywood Reporter says Universal Pictures is in negotiations with Michael De Luca Productions and Immersive Pictures over the rights.
Ono herself, as well as McCarten, De Luca and Josh Bratman are producers.
Bratman reportedly lobbied Ono to help put her story on film. The four producer collaborated on the script.
There is some debate over when Lennon met Ono. Lennon recalled it being at a London art gallery in 1966, while he was still in The Beatles. The music legend had apparently become fascinated with one of Ono's works which was on display.
Lennon once explained that Ono's piece was the only bit of work in the supposed avant-garde gallery that was positive or hopeful.
The two were married in 1969. Lennon made several solo albums with Ono and even credited her with helping to co-write his iconic song "Imagine."