John, 68, revealed his plans after show's 10th anniversary performance at London last week, reported BBC online.
"It would be lovely to do a film version. There are other songs that we had had to leave out of the musical that would be great in the film," the Grammy-winning singer said.
"Billy Elliot", a musical based on the 2000 film "Billy Elliot", tells the story of an 11-year-old boy who follows his dream to become a ballet dancer against the expectations of his working class family in County Durham during the bitter 1980s miners' strike.
It first opened at the Victoria Palace Theatre on May 12, 2005 and it has since been seen by 10 million people worldwide.
"You can only do so much on stage with the material you've got and the length of the show, so I think if one did a movie of this show it would be nice to change some things and maybe put something fresh in," John added.
The singer, who was accompanied by husband and show producer David Furnish, revealed he had "just written" a new musical. He gave no further details.
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