Queen guitarist Brian May says he has some concerns about the film, but definitely thinks that Borat was born to do the project. 

From the UK's Daily Record:

May says he and the rest of the band had their reservations about the film, but that Sacha Baron Cohen of Borat fame was born to play Freddie, saying that if it weren't for Sacha, the project probably wouldn't be as far along in the process that it is.

May also explained how everyone is committed to staying true to Freddie's legacy, saying quote, "Obviously, we go into it with a great amount of enthusiasm but also a certain amount of caution because Freddie's legacy is very precious and we have a great responsibility not to mess it up. It is more about Freddie than it is about us and that is deliberately so." There is no word on an official title for the film, nor is there a definite release date set. If you're craving something new from Queen, there is a book due out later this year.

2011 marks Queen's 40th anniversary and 20 years since Freddie's death due to AIDS related complications.