The 'Iron Man 3' actor will serve as the film's lead actor and director.
The photograph features Cheadle, in typical Davis fashion, toting a trumpet and wearing a jherri-curled mullet.
"It's a great shot; it's kinda cool huh? I attribute that to my department to more than anything I'm doing: That's hair , makeup, wardrobe, and props," Cheadle said in the EW interview. "But it's cool to be sitting on it and have it all began. At this point, with everything that's happening, it's real and surreal and hyperreal and every version I can think of."
Earlier this year, Cheadle launched a crowdfunding campaign on Indiegogo to fund the late singer's biopic.
"This is an independently produced film. There is no studio element. We're still in the process [of] locking down all the financing so it was a component of funds needed to cover a gap, including my own personal money I've put into the movie and a consortium of others. It's to cover what it takes to put together a period movie, that has different looks and ways you're trying to authenticate the time period you're dealing with," Cheadle told EW. "And the music rights -- all of that stuff costs money. But it also felt like a good way to open him back up to the public and try to raise that awareness and use the social mediums to make this a social event. To make it social, like the music Miles talked about. It just made sense on multiple levels to do it this way."
Even though the film details a portion of Davis' life, Cheadle does not want you calling it a biopic.
"I wasn't interested in that, and I'm not interested in all the things a traditional biopic does. I want to tell a hot story that's full of his music that feels impressionistic in that it finds a way to incorporate all his musical styles and influences and ideas. It needs to feel like his approach : 'I don't care about what happened before . I'm about what's happening now and what's happening next.' That's Miles marching orders to me."
A release date has not been set for this film.