Baz Luhrmann has been working on the project, which will reunite him with Leonardo DiCaprio, for months
Warner Bros. is increasingly looking to be the new home of Jay Gatsby.
No deal has been finalized.
Sony and Luhrmann share the rights to the project, which the director is writing with frequent collaborator Craig Pearce ("Moulin Rouge!").
This past fall, Leonardo DiCaprio and Tobey Maguire workshopped scenes from the movie in New York. The two actors read the roles of Jay Gatsby and narrator Nick Carraway — characters who were played by Robert Redford and Sam Waterston in Jack Clayton's 1974 adaptation of Fitzgerald's 1925 novel.
DiCaprio previously starred in Luhrmann's "Romeo and Juliet," and he acted alongside Maguire in both "This Boy's Life" and the little-seen indie "Don's Plum." He starred in Warner Bros. hits "Inception," "The Departed" and "Blood Diamond."