The 'Juno' screenwriter spent much of 2020 working on the script with Madonna, 62, and the pair have now sent a final draft to Universal, the studio which is developing the movie.
A source told EW that Cody, 42, has "completed her work and moved on to her next project".
Madonna announced the project last year, saying in a statement: "I want to convey the incredible journey that life has taken me on as an artist, a musician, a dancer - a human being, trying to make her way in this world. The focus of this film will always be music. Music has kept me going and art has kept me alive. There are so many untold and inspiring stories and who better to tell it than me. It's essential to share the roller coaster ride of my life with my voice and vision."
Amy Pascal is set to produce under her Pascal Pictures banner alongside Madonna herself whilst Sara Zambreno and Guy Oseary will executive produce.
Amy shared of the project: "I have known Madonna since we made A League of Their Own together, and I can't imagine anything more thrilling than collaborating with her and Diablo on bringing her true-life story to the big screen with Donna and our partners at Universal."
Donna Langley, Chairman of Universal Filmed Entertainment Group, added: "Madonna is the ultimate icon, humanitarian, artist and rebel. With her singular gift of creating art that is as accessible as it is boundary-pushing, she has shaped our culture in a way very few others have."
The movie will take fans on a journey through Madonna's incredible five decade career so far.
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