"Nothing's been signed on paper yet," the actor told Deadline. "Everybody who loves music will hate me if I get this one wrong."
The site reported that Terrence, a musician himself who played an aspiring rapper in 2005's "Hustle & Flow," would join director Cameron Crowe for the biopic, which has the backing of Motown founder Berry Gordy Jr.
While Marvin's career, which included hits such as "I Heard It Through The Grapevine," "What's Going On" and "Sexual Healing," was musically exuberant, his personal life was rife with drama – the death of colleague and frequent duet partner Tammi Terrell from a brain tumor, a difficult divorce from first wife Anna Gordy, and, tragically, his own untimely death from being shot by his father.
Related Content from AccessHollywood.com:
VIEW THE PHOTOS: Big Screen Gentlemen: Hollywood's Leading Men
VIEW THE PHOTOS: Scenes From 'Iron Man'
PLAY IT NOW: Don Cheadle On 'Iron Man 2': Wearing The 'Iron Man' Suit Was 'A Drag'
PLAY IT NOW: 'The Princess & The Frog' Premiere, Los Angeles