Hollywood Elsewhere reports that Paul Giamatti, Meryl Streep, Sacha Baron Cohen and Reese Witherspoon are apparently circling a project called Downsizing that will be directed by Alexander Payne.

"Nothing is locked down at this juncture, not even script, certainly not cast,” a source told blogger Jeff Wells. “[Payne is] still working on screenplay, although he’s close."

Payne is currently working on HBO series Hung that stars Anne Heche and Thomas Jane as a high-school basketball coach who capitalizes on his large penis.