We reported back in February that Paul Greengrass is coming aboard to direct. It seems the director wants to film another project first and then get to work on Memphis for a late 2012 platform release, and a wide release over the Martin Luther King holiday weekend in January 2013.
One of the projects Paul Greengrass is reportedly circling is an adaptation of The Great Blue Good-by a.k.a. Travis McGee. The Great Blue Good-by is the first in a 21-novel series written by John D. MacDonald which centers on the character Travis McGee. The character is a beach bum living on a houseboat who takes on "salvage consultant" assignments when he's low on cash.
Oliver Stone was circling the Travis McGee project, although he is now committed to directing Savages. Leonardo DiCaprio is attached to star as Travis McGee, although scheduling issues may need to be worked out since he's currently shooting J. Edgar, and then he will move onto The Great Gatsby after J. Edgar wraps.