Jane Campion is reportedly close to directing The Flamethrowers.
The Oscar-nominated and Palme d'Or-winning filmmaker is said to be "nearing a deal" to take the reins on the big-screen adaptation of Rachel Kushner's novel of the same name, reported The Guardian.
Scott Rudin is on board to produce the film about the underground art scene, which explores art and radicalism in 70s New York.
Jane, who is serving as president on the Cannes Film Festival jury, co-wrote and co-directed TV crime drama Top Of The Lake, which starred Elisabeth Moss. The 60-year-old was the first woman to win a Palme d'Or at the Cannes Film Festival and was the second of four women to be nominated for a directing Oscar.
"Filmmaking is not about whether you're a man or a woman; it's about sensitivity and hard work and really loving what you do," she told the newspaper. "But women are going to tell different stories. There would be many more stories in the world if women were making more films."
She added: "At film schools, the gender balance is about 50/50. Women do really well in short-film competitions. It's when business and commerce and art come together; somehow men trust men more."