update

1:13 PM PT -- The Wolper Organization tells TMZ ... "While we would love to have him involved, we respect his desire to privacy and plan to produce a movie that honors him, celebrates him and tells a dramatic story."

They add, "We know he is deeply private and we would never want to invade that, how ever he is an amazing person, that changed millions of peoples lives and the effect he has had on the world needs to be recognized."

wants to make it crystal clear hehas absolutely NO involvement in an upcoming biopic starring

-- which is now officially in development and coming to a theater near you soon ... TMZ has learned.

Richard's rep reiterated to us Wednesday that Pauly's project -- which just recently got the green light -- isn't authorized, and notes Richard might not even be aware the movie's on the Hollywood conveyor belt at this point.

We're told Pauly and Richard's team spoke last year about PS portraying him in a film, but Richard's people told the comedian the timing wasn't right for Richard to get on board.

We already knew Pauly didn't have RS' blessing for this project -- something Pauly really sought -- and now ... we know Richard's position hasn't changed, though his rep says there will come a time when Richard wants to tell his story. Pauly's thing just ain't it, though.

Remember ... Pauly told us in September he was for Richard, and now is reporting a biopic is being developed over at The Wolper Organization, a subsidiary of Warner Bros. The rest of the deets on who else might be coming aboard to help make this thing a reality are unclear for now -- but Pauly says he's "excited.

"

Pauly is also portraying Richard in a short film called "The Court Jester," which is premiering this week at The Sundance Film Festival in Utah.

Richard has not been seen in public for years -- but, in 2022, TMZ released "TMZ Investigates: What Really Happened to Richard Simmons" on and ... which drew a huge response and resulted in Richard to his fans.

Pauly and Richard have some connections ..

. they've known each other for decades, and Richard also knew Pauly's late mother, Comedy Store owner Mitzi Shore ... but, so far, they're not connecting for this flick.

We'll see what comes of it in the end, and whether Richard changes his tune once it's actually out. Considering his incredible story, it also sounds like an Oscar waiting to happen.