The Hollywood Reporter, via Craig Kennedy, has announced that Nora Ephron will write and direct a Peggy Lee biopic. ¬†Reese Witherspoon already secured the rights and may star in the production, but is definitely producing, along with Marc Platt (Legally Blonde). ¬†Wouldn’t that be Oscartastic?
This appears to be a Reese Witherspoon-driven project, meaning she sought Ephron and Platt, secured the rights, all to hopefully become Peggy Lee.  No one else would be better.
Great video of Peggy Lee singing for Lady and the Tramp after the cut.
And the song she’s famous for: