Teller is the second highest contender with +250, Elgort and Butler are tied at +400 and Taylor-Johnson is the longest shot with +600.
The actors all auditioned for Luhrmann, Deadline reported. The Oscar nominee has directed popular dramas including "Moulin Rouge" and "The Great Gatsby." Luhrmann wrote the script with Craig Pearce -- the two have worked together many times before.
Although Luhrmann won't be making his decision for the lead role until next week, Tom Hanks has already been cast as Presley's manager, Parker, per the outlet.
The biopic is said to follow "the relationship between the veteran manager and the young singer, who came from dirt-poor origins to become an iconic star who changed the course of music."