Lindsay Lohan will star in an adaptation of Tennessee Williams' previously unpublished play The Loss Of A Teardrop Diamond.
Ellen Burstyn, David Strathairn, Chris Evans and Ann-Margret are also believed to be attached to the project, which has fast become one of the most hotly pursued titles at AFM.
Brad Gilbert of Constellation Entertainment is producing the typically steamy 1920s tale set in the Deep South.
It is understood Lohan will play Fisher Willow, a wilful debutante whose free spirited ways offend Old South traditions when she dates an impoverished young man.
Guided by a former society beauty turned invalid opium-smoker, the debutante manipulates her beau and accuses him of stealing a family heirloom after she loses a teardrop diamond earring at a society event.
When the earring is recovered Fisher falls under suspicion and her behaviour descends into borderline madness.
First Look International is handling foreign sales and CAA is representing domestic rights.