Elton John will produce his first big budget Hollywood film in an attempt to overturn his recent financial losses.

The pop star and his partner David Furnish are set to finance the film "It's A Boy-Girl Thing" and are optimistic the coming-of-age movie will improve the fortunes of their company Rocket Pictures, reported to have a 40 million euros overdraft, reports Internet portal Femalefirst.

"This will be our first joint production with our company Rocket Pictures and we've been working on it for months," said Furnish.

"The story is about two arch-rivals at high school. One is a poor but popular guy and the other is a prim and over-privileged academic and they wake up one day to find themselves in each other's bodies.

"The movie will be shot mainly in Canada and we've signed up an as yet unknown Canadian actor as one of the leads."