The late writer-director John Hughes, who was given an Oscar tribute Sunday, has an unproduced screenplay, Grisbys Go Broke, which has been floating around Hollywood and caught the attention of Paramount, which has a long history with Hughes.

According to The Hollywood Reporter, the rumor was that Paramount was interested in picking up the script with hope of turning it into a family comedy with Joe Roth (Alice in Wonderland) producing.

However, the studio said that it is not negotiating to purchase the screenplay, which follows a wealthy Chicago family that loses everything and is forced to move to the sticks. But Paramount certainly has no problem with digging back into Hughes material.

Hughes' last feature was Paramount's 2008 Owen Wilson comedy Drillbit Taylor, which began as a Hughes original but was rewritten by Seth Rogen and Kristofor Brown (Hughes' story credit appeared under the pseudonym Edmond Dantes).

The writer-director may have walked away from Hollywood in 1994, but he never lost his desire to write. After his death, family members found reams of unpublished and unproduced material.

Hughes also worked with Fox, Universal and Disney, but many of his 1980s classics were developed at Paramount, including She's Having a Baby, }FIG58PGNlRiaJO||Planes, Trains & Automobiles}, Some Kind of Wonderful, Ferris Bueller's Day Off and Pretty in Pink. (His Home Alone trilogy at Fox grossed more than $800 million worldwide.)

It seems as if the studio, despite Drillbit Taylor disappointing run, would jump at the chance to take part in another Hughes creation. Paramount -- or someone else -- might still go for Grisbys Go Broke.