Hotel heir-turned-film producer Dan Pritzker has funded, produced and directed Louis, about the trumpeter's childhood in New Orleans, Louisiana.
The movie even features dialogue cards, not seen since the 1920s when The Jazz Singer became the first 'talkie'.
Pritzker is the son of late Hyatt magnate Jay Pritzker, and currently the 246th richest man in America.
The filmmaker plans to unveil the movie in 2010 with a six city U.S. tour, accompanied by performances from jazz great Winston Marsalis.
And he will follow it up with a more traditional biopic of horn player Buddy Bolden, who is credited with inspiring the jazz genre, before he was struck down with mental illness.
Oscar winner Forest Whitaker was recently unveiled as the star of another, more conventional Louis Armstrong biopic, which is currently in the pipeline.