Reese Witherspoon Joins Matt Damon in Alexander Payne’s ‘Downsizing’

There’s an “Election” reunion on the horizon at 20th Century Fox

As she hikes the campaign trail on behalf of “Wild,” Reese Witherspoon has attached herself to star opposite Matt Damon in “Downsizing,” which reunites the actress with her “Election” director Alexander Payne, an individual familiar with the project has told TheWrap.

While it’s not currently set up at a studio, the long-gestating dramedy takes place in a not-so-distant alternate future in which humans have perfected shrinking themselves as a means of saving resources — namely money.

Damon’s character will consider undergoing the process when he finds himself down on his luck, while Witherspoon will play the film’s female lead.

Payne wrote the script with his longtime collaborator, Jim Taylor, and has been trying to make the film since 2009, when Witherspoon initially showed interest in the project along with Paul Giamatti.

Witherspoon currently stars as Cheryl Strayed in “Wild” and as Joaquin Phoenix‘s girlfriend in “Inherent Vice,” and she next stars opposite Sofia Vergara in the comedy “Don’t Mess With Texas.” Witherspoon is in contention for a second Oscar nomination this year, as she also produced “Gone Girl” through her Pacific Standard banner.

Witherspoon is represented by CAA, manager Rick Yorn of LBI Entertainment and Hansen, Jacobson.

The news was first reported by Deadline.