Vivek Tiwary has written a script for The Fifth Beatle movie which depicts Epstein's life through historical scenes, dream sequences and hallucinations - but he insists Law has not been cast in the role.
However, the Broadway producer concedes Law would be a great ambassador for the project.
He says, "Let me clear up any confusion, we are not currently in talks with Jude Law or any of his representatives.
"I do know that several years ago Jude Law publicly expressed interest in making an Epstein biopic.
"I happen to think that he'd be great as Brian. So I suppose (reports are) accurate in saying 'Now he has his chance' but the truth remains that we're not currently in talks with Jude Law or any of his representatives."
Epstein died of a drug overdose in 1967, aged just 32.