Giamatti, Cohen In Payne’s “Downsizing”?

Update (3/4): Despite rumors, Meryl Streep is NOT involved in the project.

Paul Giamatti, Sacha Baron Cohen and Reese Witherspoon are rumored to be circling a project called “Downsizing” to be directed by Alexander Payne (“About Schmidt”) says Hollywood Elsewhere.

“Nothing is locked down at this juncture, not even script, certainly not cast. [Payne is] still working on screenplay, although he’s close” a source tells long-time blogger Jeff Wells about the previously unheard of project.

Payne is currently directing episodes of HBO series “Hung” starring Anne Heche and Thomas Jane as a high school basketball coach capitalising on his large penis.