After circling the project for more than a decade, Barbra Streisand is again in early discussions to star in Warner Bros.' big-screen adaptation of the 1959 musical "Gypsy," according to an individual close to the Oscar-winning actress.

Streisand has met with Broadway legends Stephen Sondheim and Arthur Laurents to discuss playing overbearing stage mother Rose, and she also reportedly loved Laurents' suggestion that Tom Hanks play her love interest, Herbie, a talent manager who oversees the careers of Rose's two daughters, Baby June and Louise.

While Streisand's age may be of concern to fans of the musical (Rose is a young mother in the first act and Barbra is 69), Laurents told the New York Times [6] that he's not worried about it because "they can do magic in Hollywood."

Laurents revealed that he has met with Streisand twice over the last month, while Sondheim told the Times that he met with the actress several months ago and that "she wants to do it."

Laurents wrote the book for "Gypsy" and direct the 2008 revival on Broadway that starred Patti LuPone, while Sondheim wrote the "Gypsy" lyrics for composer Jule Styne's music.

Contrary to a report in the New York Post [7], however, Streisand will not be directing the film, though she apparently wanted to in the past. But now "playing Rose is enough to make her happy," according to Laurents, who added that "now things are serious and a movie is truly in the works," with Joel Silver attached to produce the picture, according to the Times.

The 1962 film version of "Gypsy" starred Rosalind Russell as Mama Rose, and was generally thought of as a softer version of the stage show.