April 24 (UPI) -- Leonardo DiCaprio is being eyed to star in director Guillermo del Toro's next film, a remake of Nightmare Alley.
Nightmare Alley, released in 1947, was an adaptation of the William Lindsay Gresham novel of the same name. The film starred Tyrone Power and Joan Blondel and followed a con man who hooks up with a female psychiatrist who is able to turn the tables on him.
Del Toro's version will more closely follow the novel. The filmmaker is co-writing the script with Kim Morgan. He is producing along with financing the project with J. Miles Dale and TSG Entertainment.
Fox Searchlight has acquired worldwide distribution rights. Production is set to begin this fall.
Nightmare Alley is Del Toro's next film following the release of 2017's The Shape of Water which won four Oscars including Best Picture and Best Director.