No, there isn't a Theo James-George Michael biopic on the way
After The Daily Mail reported on a project starring Theo James chronicling George Michael's life and career, his estate stepped in to set the record straight

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Theo James and George Michael Image: The A.V. Club
Despite some recent rumors, fans hoping for a Bohemian Rhapsody-style romp chronicling the life of Wham! frontman George Michael will just have to continue to have faith. After The Daily Mail reported that a new “big-budget” biopic about the pop star was in the works with The White Lotus’ Theo James in talks for the lead and with the support of Michael’s estate, the latter stepped in to clarify their position.