Today In Coco: A Docu Feature? A Fox Deal? Syndication?

Conan O' is reporting that talks are underway to make a documentary feature out of Conan O’Brien‘s upcoming 30-city live comedy/music revue, “The Legally Prohibited from Being Funny on Television Tour.”

Meanwhile, there are reports today that Fox is inching closer to bringing O’Brien back to late night –- but that he could also opt to go the syndication route.

Regarding the documentary, Deadline says it’s heard that Media Rights Capital has already had conversations about coming aboard as financier while Rodman Flender is in talks to direct.

On the TV front, The Los Angeles Times says key Fox executives, including Rupert Murdoch, are on board with a plan to bring O’Brien into the fold and would like to finalize a deal in coming weeks.

However, several significant issues remain and the Fox talks could fall apart, people close to the negotiations told the LAT.

Fox Entertainment President Kevin Reilly and Entertainment Chairman Peter Rice have been leading the campaign to bring O’Brien to the network, say LAT sources. But their bosses have told them to demonstrate that a late show would be financially viable. (Fox wants to spend less than $60 million a year for the show, people close to the discussions told the paper.)

If talks break off with Fox, its sibling, FX, has made it very clear it would jump at the chance to launch a nightly show with O’Brien, The Wrap notes.

The Wrap also reports that another option for O’Brien would be syndication. The Web site says there has been serious interest from at least two major syndication companies in launching a syndicated version of O’Brien’s show not in late night — but as an early fringe talk show that would air in the hour just before primetime.

Debmar Mercury has talked with O’Brien’s reps about such a scenario, two people familiar with the conversations told TW. Another major syndication player has also expressed interest in O’Brien.

Syndication is currently seen as a long shot, but if O’Brien opts for the notion, it could end up being extremely lucrative.