In 1989, Milli Vanilli had it all: A multi-platinum album, legions of seven-year-old fans, rippling pectorals and hair no amount of Soul-Glo could tame. But by 1990, the duo — who brought the world gems like “Girl You Know It’s True” and “Blame It On the Rain” — was outed as frauds when their record skipped during a live MTV performance.

After being dropped from their label, stripped of their Best New Artist Grammy and sued for fraud, Milli Vanilli slipped into obscurity, the stuff of music lore.

But Milli Vanilli’s sordid tale is not forgotten for good: Universal Pictures acquired the rights to a Milli Vanilli biopic and will be bringing it to the big screen as early as next year.

“It’s going to be epic,” says executive producer Kim Marlowe, who cooked up the idea for the as-yet-untitled flick more than a decade ago but never felt comfortable enough to sign off the rights until teaming up with director and writer Jeff Nathanson (Rush Hour 2, Catch Me If You Can). “There’s only room for one major comeback in life and you just can’t leave that to chance.”

Milli Vanilli’s Fabrice Morvan consulted with Nathanson on the film, which is also authorized by the estate of Rob Pilatus (the other half of MV, who died of a drug overdose in 1998). “I’ve always resisted going back to the past because it was painful,” says Morvan. “But it was a healing process for me to relive those moments.”

There’s no word on who’s set to star, but Marlowe knows what she wants: “We need guys that are crazy gorgeous with bodies to die for; one has to have a French accent, the other has to have a German accent.”

The movie — which will trace the warts-and-all moments of Milli Vanilli’s career — has a goal larger than pure entertainment: To break down people’s misconceptions of the group. (What, they didn’t lip sync?) “We’re gonna have you walk in my shoes,” says Morvan. “A lot of people pointed fingers at us but they can’t until they know every aspect of the story.”

So, which hunky dudes would you cast?