We saw never-before-seen footage of Tom Hanks as Colonel Tom Parker in 'Elvis' and it's Oscar-worthy

• We saw footage of "Elvis" at CinemaCon, and Tom Hanks is incredible in it.
• He plays Colonel Tom Parker, Presley's manager, and he's evil but also captivating.

Let the Oscar campaign for Tom Hanks begin.

On Tuesday during the Warner Bros. presentation at CinemaCon, the annual convention of movie-theater owners that takes place in Las Vegas, the audience was treated to never-before-seen footage of Baz Luhrmann's next movie "Elvis."

Insider attended the presentation and can attest that this movie won't just be a hit because of the impressive performance Austin Butler delivers as Elvis Presley. There's also incredible acting by Tom Hanks, who stars as the King of Rock n' Roll's tyrannical manager, Colonel Tom Parker.

In the approximately eight to 10 minutes of footage we saw, Hanks stood out amid the dazzling visuals that have become synonymous with a Baz Luhrmann movie ("Romeo & Juliet," "Moulin Rouge!").

Luhrmann, who was present at CinemaCon, told the audience that, even though the movie's visuals are painstakingly matched to iconic images of Presley, he took some artistic liberties by having Parker guide the journey of how he made Presley the King — and ultimately worked him so hard that it led to Presley's downfall.

In the footage, Hanks is captivating. With the prosthetics that make him look like a big blob, the outfits, and the cane Parker was always known to chew on, the two-time Oscar winner looks to be in his glory playing the role. (Famously, this was the part Hanks was playing when he and his wife Rita Wilson contracted COVID in the early days of the pandemic).

But with Hanks also set as the narrator, it brings another level to the performance.

The clips we viewed showcase a part in the movie when Presley realizes his fame and how he can use it. Luhrmann puts the camera as much on Parker watching in amazement as he does on Butler as the King.

The narration then gives us a glimpse inside the manipulative mind of Parker, whose only goal is to gain wealth off of Presley's talents.

Despite not seeing the whole movie, this footage alone has greatly grabbed our attention. Hanks will certainly be in the discussion for Oscar's consideration.

"Elvis" opens in theaters on June 24.