Hefner: RICH SCHMITT/AFP/Getty Images; Leto: Taylor Hill/FilmMagic via Getty Images

Get your bunny ears ready because Jared Leto will soon become Hugh Hefner for an upcoming biopic.

Brett Ratner (known for directing the Rush Hour film series, Horrible Bosses, the Prison Break series) shared the news in the wake of the magazine publisher's death last week. "Jared is an old friend," Ratner said. "When he heard I got the rights to Hef's story, he told me, 'I want to play him. I want to understand him.' And I really believe Jared can do it. He's one of the great actors of today."

A biopic on Hefner had been in development since 2007. According to The Hollywood Reporter, Universal Pictures and Imagine Entertainment owned the rights to the project and had Robert Downey Jr. and Hugh Jackman as possible choices for the lead role.

Leto never got a chance to meet Hefner, who died last month at age 91, but Ratner assured viewers, "There's enough footage on Hef out there that Jared will be able to get as much information as he wants." Ratner is also playing a reboot of Hefner's late-'60s talk show Playboy After Dark.

No release date has been announced, but while you wait for the biopic, see a classic Fuse interview with Leto and Thirty Seconds to Mars below: