As F1 fans get set to enjoy the film celebrating the life of Ayrton Senna, reports have emerged that the story of another legend of the sport could be heading for the big screen.

According to reports, Oscar-nominated screenwriter Peter Morgan has started work on a script that will tell the story of Niki Lauda's 1976 championship challenge.

The Austrian battled for the title with Brit James Hunt during the course of the season but was lucky to escape with his life after his car caught fire in an accident at the Nurburgring.

Just six weeks later, Lauda returned to action to try and prevent Hunt from taking the title but the Brit eventually clinched the title with a podium finish in Japan as Lauda withdrew on safety grounds due to heavy rain.

With the DPA news agency reporting that Lauda is behind the plans, Morgan is now looking for a producer and director to allow the project to become reality.

Three-time champion Lauda meanwhile told Oe3 that he was already considering who could play him in the film.

"Anyone who is 25 or 26 with his right ear burnt off and dreams to be made up to look like me can start making plans," he said.