The singer/actress will get back behind the camera to make Skinny And Cat, her first directing project since 1996 romantic comedy The Mirror Has Two Faces.
Oscar winners Colin Firth and Cate Blanchett are currently tipped to take on the lead roles in the drama about author Erskine Caldwell and his late photographer wife Margaret Bourke-White.
A spokesperson has confirmed Streisand's involvement but tells Reuters the film has not been given the greenlight as the Funny Girl star is yet to raise the $20 million (£12.5 million) needed.
Mothers and grandmothers of the world, rejoice: the legendary Barbra Streisand is gearing up to make her return to cinema — not in front of the camera, but behind it. The L.A. Times reports that the Meet the Fockers actress will be taking on a new directing project for the film Skinny and Cat, which follows the real-life romance of writer Erskine Caldwell and photojournalist Margaret Bourke White, who collaborated on three books and got married before divorcing a few years later.
But perhaps the even more exciting news is who Streisand is looking to cast as the two leading lovers. Though nothing has been officially confirmed yet, there are reports that the 70-year-old star is looking to have Colin Firth and Cate Blanchett take on the role. Do you hear that? That's the sound of a thousand mothers crying out in celebration because, come on, they're clearly going to be this film's main demographic. Tragically, the majority of youngins today probably don't even know who Streisand is — and if that thought isn't enough to rain on your parade then I don't know what is. Seriously kids, stop what you're doing right now and go watch Funny Girl.
Additionally, this will be the first time Streisand has stepped behind the cameras for 16 years, since she directed The Mirror Has Two Faces in 1996. Her other directing credits also include Yentl, for which she won the Golden Globe for best director, and The Prince Of Tides.
Filming is expected to kick off in January 2013.
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