If there is ever such a thing, I would guess it would have to be posthumous. Just watched the nearly horrible Hendrix biopic, All Is By My Side. There are blatant lies in the story and Hendrix looked like a petty, insecure, violent mysoginistic asshole. Sure he was no saint but almost everyone who knew him says he was a gentle man. And not having any real Hendrix music would have been the kiss of death even if they were able to resurrect Hendrix to play himself in the movie.

I imagine just getting someone who could act and look enough like Prince to be plausible would be the major - and potentially insurmontable - obstacle. I fairlt certain that if Prince wasnt involved prior to production, there would be no way the real Prince tracks would be used on the soundtrack. The immortality of Purple Rain may have fixed it so that a Prince biopic will never quite get off the ground even if someone dreams up a way to make it. People will still think PR is fully autobiographical and the simplified high school play plot that it offers is just good enough for the decreasing attention span and limited artistic intellect of the popular masses today.