We first reported on this project last August, when Martin Scorsese was attached to direct from a screenplay by William Monahan. The story centers a UCLA literature professor, who has a serious gambling addiction and gets in trouble with with gangsters. Our earlier report indicated that Leonardo DiCaprio was circling the lead role, but it isn't known if he is still involved.
Irwin Winkler, who produced the original, is back on board as a producer. It is believed that this could be Todd Phillips' next project after he wraps on The Hangover Part III, although that has not been confirmed.