The group came to prominence in the 1990s and put a lasting mark on the world of R&B with their debut album, Forever My Lady.
After the release of three successful albums, the group split and K-Ci and JoJo went on to find success as a duo.
The group reunited in 2014 to release The Past, The Present, The Future a year later.
It was Dalvin who fueled speculation about the VH1 film on Twitter:
The network has so far kept quiet on the film but there is definitely excitement brewing around it. VH1 has a good track record with band biopics: in 2013 they released CrazySexyCool: The TLC Story brought 4.5 million viewers, making it the highest rated original program in the network's history.
Hopefully they'll be able to repeat the magic with this one.
(Photo: Raymond Boyd/Michael Ochs Archives/Getty Images)