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Sony is expected to pay over $50 million for the rights to the footage, which was offered by concert promoter AEG to Hollywood film studios over the weekend.
The film will include several videos that were shot and meant to be shown during the concerts, including an alternative version of Jackson's most famous video, "Thriller".
"High School Musical" director Kenny Ortega, who shot the rehearsal footage, is expected to become the director of the film, which could be released before year's end.
Though Universal, Paramount and 20th Century Fox were also interested in the footage, Sony had the inside track since the studio owns the music publishing rights to Jackson's songs.
The report said that AEG is also selling TV and video rights to the tribute concert featuring Justin Timberlake and other artists, scheduled for Aug 29, on what would have been Jackson's 51st birthday.
The singers will perform the songs that the King of Pop had planned, accompanied by the band that rehearsed with him.