Little is known about the plot of the Working Title movie, which has a script by Richard Curtis and will be directed by Slumdog Millionaire's Boyle.
Sheeran has already started to make his transition to the screen with appearances in Game of Thrones, Bridget Jones' Baby, The Bastard Executioner and Home and Away.
The singer is reportedly to play a man who wakes up in a world where the Fab Four never existed. Then again, their "source" also said, "Everything Ed touches turns to gold".
As well as featuring musical material from The Beatles' vast catalogue of hits, new music will also be written for the film which Sheeran is also said to be involved with.
Ed Sheeran responses to claims made by The Sun newspaper that he could have railings placed outside to stop rough sleepers. "If anyone can make a film about the Beatles' songs even better musically, it's him".
The cast for the movie thus far includes Lily James and Himesh Patel.
Universal is eyeing a summer shoot for the project, which will roll out in theaters two months before the next James Bond film, which is set to open November 8, 2019. Kate McKinnon (Ghostbusters, Saturday Night Live) is also in talks to join.