Editor's Note: Latest news is this movie project has been cancelled.
From the Internet
As of December 2009 the film has been dropped as Connie Francis had irreconcilable differences with Estefan over the film's writer. Francis wanted to hire writer Robert L. Freedman, who had written the Emmy Award winning mini-series Life with Judy Garland: Me and My Shadows. Estefan refused to consider him, which according to Francis ended the project collaboration. 
This was dated June 10:
Full Production Credits for Untitled (Connie Francis Project), 2010 Baseline StudioSystems, 2010 All Media Guide, LLC
Here's a very nice clip of the above mentioned event, in which Gloria dedicated the song to Miss Francis herself sitting among the audience (You can see her for some seconds - just enough to recognize her).
Gloria Estefan has been working on a film about Connie Francis. Gloria is planning to portray Connie and there is talk of Danny De Vito will be Connies Dad, Olympia Dukakis as her mom. Screenplay is fairly completed, filming is reported to begin soon though this has been mentioned for past couple years.
The following are various comments collected on the Internet:
At MGM, The New Theater Is More Than Grand
Estefan opens MGM Grand's new theater
From Songstress to Scribe
November 24, 2006
By ADRIAN SAINZ, The Associated Press
Estefan Detailed Biography, April 2006:
from Guy Consterdine
As we expected, the title of the movie is to be Who's Sorry Now. It was almost inevitable. This item says filming will start this year, unlike a note a week or two ago which said not till 2007. At least it implies that Gloria believes she's got someone prepared to back the film financially and someone who's ready to direct and produce it.
World Entertainment News Network in 2002:
"GLORIA TO PLAY CONNIE: GLORIA ESTEFAN is teaming up with her heroine CONNIE FRANCIS to bring the 1950s and 1960s singing star's life story to the big screen. Latino star Estefan plans to write and star in a biopic about the WHO'S SORRY NOW singer, and she has Francis' blessing."