Page Six further reports that Malek said he had not heard anything about a sequel, nor had Queen's record label.
That said, if Dolezal is correct, that would mean that a Bohemian Rhapsody producer has interest in moving forward with Mercury's story.
He went on to say that a sequel was "being heavily discussed in the Queen family".
Within weeks of its release, Bohemian Rhapsody became the highest-grossing music biopic of all-time, bringing in $870 million worldwide, despite mixed reviews from fans and critics.
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Best Actor Rami Malek poses with his award backstage. The first movie grossed nearly $900 million worldwide, becoming the top grossing music biopic of all time, and it won for Oscars last month, including Best Actress for Rami Malek.
"I'm sure he plans a sequel that starts with Live Aid", Rudi tells the New York Post's Page Six gossip column, adding that the project is "being heavily discussed in the Queen family". Their final collaboration was in 1991, on the video for 'These Are the Days of Our Lives.' Mercury would go on to pass away that year.
Dolezal's relationship with Queen began with their 1985 song 'One Vision.' He ended up directed around 30 music videos for the band. Queen guitarist Brian May similarly teased such a project in an interview late past year, saying, "I think Live Aid is a good point to leave it".
The Powers That Be at 20th Century Fox will know that there's still more story to be told, and may well engineer a movie sequel that chronicles Freddie's twilight years between 1985 and 1991 while still respecting his memory.
Controversy followed the movie throughout its long gestation period, with the role of Mercury originally filled by Borat actor Sacha Baron Cohen, with Ben Whishaw also attached to the part before Malek was hired.