The cinematic duo will adapt the 1,100-page novel for Lionsgate with Wallace writing the screenplay and Jolie taking on the central role of Dagny Taggart, Daily Variety said.
Wallace said he was first introduced to the classic novel from the Russian-born author through his college-age son and was immediately impressed with its epic scope.
"I was fascinated by Rand's book. It was original and provocative," said Wallace, who said he is eyeing a 2007 production date.
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