Bana, a genuine car and bike enthusiast, is currently working on the screenplay for the 'Mike the Bike' movie. He plans to play the lead role of Hailwood and co-direct the film alongside friend Robert Connolly.
Rather than a biopic format covering Hailwood's entire life and career, the film will focus on his remarkable comeback to two-wheel racing in the late 1970s.
After an 11-year hiatus, which included a stint in Formula 1, Hailwood returned to bike racing in 1977 – and famously triumphed at the Isle of Man TT a year later on a Ducati. He then won the Senior TT race on a Suzuki the following year, before finally retiring for good.
He was killed in a road crash while picking up fish and chips two years later.
The movie project has been approved by the Hailwood family, Bana working closely with Mike's widow Pauline before her passing in June this year.
"I've been working on the screenplay for the last couple of years, and it is essentially the story of Mike's comeback," Bana revealed on the Rusty's Garage podcast.
"I'm not looking to tell the story of his life. It's a very particular idea that I have that I'd like to pursue."
"We feel that indebted to the Hailwood family, in particular Pauline, who unfortunately recently passed away. Her contribution has been immense.
"She's someone that's been incredible to get to know and talk to. One of the great, great women of this world and motorsport."