We first reported on the project back in March 2009, when the filmmaker had actors such as Paul Giamatti, Reese Witherspoon and Sacha Baron Cohen attached to star. The project never moved forward, as the filmmaker went on to direct The Descendants just a few years later.
The story centers on a man (Matt Damon) who comes to the realization that his life would be much better if he shrunk himself. Alexander Payne co-wrote the screenplay with Jim Taylor, who he won an Oscar with for writing Sideways. They also co-wrote the screenplays for Citizen Ruth, Election and About Schmidt, which were all directed by Alexander Payne.
With Matt Damon taking on Downsizing, that puts him out of contention for Legendary's The Great Wall, a project the actor has been circling since September. He most recently starred in The Zero Theorem and has a role in the upcoming Interstellar. The actor will start production soon on Ridley Scott's The Martian, although it isn't known when Downsizing will begin principal photography.