Sources have revealed that Cooper recently received an offer from Fox Searchlight, and both sides are "engaged" with talks, however, it's currently unclear if a deal will close.
The story follows an ambitious young con-man who hooks up with a female psychiatrist who is even more corrupt than he is. At first, they enjoy success fleecing people with their mentalist act, but then she turns the table on him, out-manipulating the manipulator. The 1947 movie starred Tyrone Power in the lead role.
Del Toro will direct the movie from a script he co-wrote with Kim Morgan. The filmmaker is also filling out the remaining roles, as the film shoots this fall.
Cooper is currently developing the Leonard Bernstein biopic "Bernstein", which he also plans to direct and star in.
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