"'Midnight' (has) long been one of my favorite films, and it is easily one of the best comedies of the '30s," he told Daily Variety. "Being given the chance to update the film with Reese in the lead is simply a dream come true."

Universal Pictures is developing the project, with Mary Parent and Scott Stuber teaming up to produce it with Witherspoon and her Type A Films partner Jennifer Simpson, Variety said Thursday. The Academy Award winning actress is looking over several other films for her next project, so "Midnight" won't be happening soon.

The story deals with a poor young woman in Paris who is used by a wealthy man trying to get rid of the gigolo wooing his wife. Claudette Colbert and John Barrymore starred in the original version, directed by Mitchell Leisen and written by Charles Brackett and Billy Wilder.