Messages left for Farrell's publicist were not immediately returned.
The indie drama charts the personal and professional relationship between two friends which involves a betrayal that leads to retribution.
Oscar-winning "Hurt Locker" producer Nicolas Chartier's Voltage Pictures is setting up financing for the film and will produce with Jennifer Klein and Turner, who was nominated for an Oscar last year for co-writing "Up in the Air" with Jason Reitman.
Evidently, Bana's deal is further along than Farrell's, but both actors are reportedly underwhelmed with their offers.
It'd be a shame if they walked away from negotiations, because the prospect of these two intense international actors working together is positively tantalizing.
Farrell in particular has impressed me of late. He really grew as an actor with "In Bruges," and he was sublime in "Crazy Heart," which could've used more of his Tommy Sweet character. Farrell has been earning solid reviews for his performance in Neil Jordan's "Ondine," and buzz has also been strong regarding his turn in Peter Weir's upcoming drama "The Way Back." He also recently wrapped another hotshot screenwriter's directorial debut — William Monahan's "London Boulevard."
Chartier hopes to put "By Virtue Fall" into production this fall, but there's no domestic distribution deal yet, and Farrell is committed to star in both DreamWorks' 3D "Fright Night" remake and New Line's comedy "Horrible Bosses," so we'll have to wait and see how quickly the actors' deals come together.
Bana recently wrapped Joe Wright's "Hanna," a revenge thriller that Focus Features will distribute starring Cate Blanchett and Saoirse Ronan. He's also attached to star in Noah Baumbach's big-screen adaptation of "The Emperor's Children."
Farrell is represented by CAA.