Leonardo DiCaprio has worked with some of the biggest directors in the business: Now, he's in negotiations to team up with Guillermo del Toro for "Nightmare Alley."

The 1947 film of the same name starred Tyrone Power as an unscrupulous circus con man, but this version will be more faithful to the William Lindsay Gresham novel that inspired both, according to a source close to the film.

Del Toro will direct; he co-wrote the script with Kim Morgan.

It will be the first film del Toro has directed since winning the Best Picture and Best Director for "The Shape of Water."

And although DiCaprio has been busy filming "Once Upon a Time in Hollywood" and lining up several more projects, we haven't actually seen him on screen since his Oscar win for "The Revenant."

[Via Variety]