A Vulture source says Abrams is finishing a script described as "a tip of the hat to (Spielberg's) movies of the ‘70s and early ‘80s," which Abrams will direct by early this fall for Paramount Pictures.
The only plot details revealed were that the project will deal with everyday people whose personal relationships are tested when they are thrown up against extraordinarily fantastic -- and possibly otherworldly -- events.
Abrams is said to be in discussions with Spielberg, who is expected to be involved in some capacity.
The secretly titled picture will shoot on a low budget (by studio-film standards). "It's kind of the anti-Avatar," one Vulture source said, "Not that (J.J.) doesn't love that movie or special effects movies...he really wants to make this, and the way to do that is to be fiscally responsible."