The Sony Pictures is close to make a deal with an offer of over $50 million to buy the rights of Michael Jackson's final rehearsals footage from AEG and made it into a feature film, the Los Angeles Times reported Monday.

The film will feature at least three videos including an alternative version of Thriller that Michael filmed under the Dome Project, shortly before his death.

In addition, the film is likely to be helmed by High School Musical director Kenny Ortega, who helped plan the concerts and shot the footage.

AEG showed last week the 80 hours of Michael Jackson's last rehearsals footage This is IT, according to reports in Variety newspaper. And AEG is also shopping TV and video rights for a birthday tribute to Michael Jackson scheduled in London on August 29.

The paper said Janet Jackson and Justin Timberlake will perform the song list that Michael Jackson intended to perform, accompanied with the band that rehearsed with him.