The story centers on Steve Carell's title character, a popular Las Vegas magician who gets upstaged by a hip new street performer. Burt Wonderstone then goes on a journey of self-discovery to reclaim his love of magic. It isn't completely clear who Jim Carrey is playing, but it seems likely he would play the street magician.
Don Scardino is directing Burt Wonderstone for New Line Cinema. Chad Kultgen sold the original script to New Line back in 2006, with John Francis Daley and Jonathan M. Goldstein performing rewrites. We reported in June that Jason Reitman was brought on to work on the script, but it isn't known if he performed a complete rewrite or just a polish.
It isn't known when production will start on Burt Wonderstone.