The highly anticipated project, which was been plagued with casting and directing changes, is based on Walter Isaacson's book and adapted into a screenplay by Aaron Sorkin that follows Jobs preparing for three presentations throughout his life that were pivotal moments for himself and the technological company's success, reported Deadline.
Scott Rudin, Mark Gordon and Guymon Casady will be producing, and British filmmaker Danny Boyle is slated to direct the untitled film, which is expected to focus on the launches of Apple's original Macintosh computer (1984), NeXT Cube (1990), and original iPod (2001).
Other studios will now have the opportunity to bid for the rights to the production.
Universal Studios have deep interest in making the biopic with aiming for a release for next year's awards season.
However, Sony may have dropped the film due to being unable to cast a leading man to play Jobs.
Initially Christian Bale was expected to play the part but he withdrew at the start of this month.
Michael Fassbender has most recently been linked to take on the leading role.
Niether Universal nor Sony have commented on the project as of yet.