The Hollywood Reporter writes that DiCaprio's company Appian Way has bought the rights to a book by New York Times journalist Jack Ewing in cooperation with Paramount.
And in a sign of just how keen the star of the Wolf of Wall Street and The Departed is to film the dramatic revelations around the world's biggest car company, the book hasn't even been written yet.
Ewing plans to investigate how a "more, better, faster" culture motored one of the biggest frauds in corporate history.
Since it emerged in late September that Volkswagen installed emissions cheating software in cars sold in the US, the firm has admitted to having done the same to over 11 million cars worldwide. It is now faced with multi-billion euro fines across the globe.
The scandal has already cost company CEO Martin Winterkorn his job and has wiped billions off the Wolfsburg-based car giant's stock market valuation.
Social media was abuzz with the news on Tuesday morning, with one user suggesting the movie could be called 'Wolf of Wolfsburg.'