With maverick director Terry Gilliam parading around the Cannes Film Festival in order to shop around his apparently madcap film The Imaginarium of Dr Parnassus (containing Heath Ledger’s last performance), there’s great news about his next project. It appears Gilliam has managed to buy back the rights of his script, The Man Who Killed Don Quixote, and is set to make it next year.

Anyone who has seen the documentary Lost in La Mancha will no doubt be whooping with joy. The documentary followed Gilliam’s first attempt to adapt the sprawling novel Don Quixote, and ended up capturing the series of misfortunes that eventually forced the producers to close down production. From the few moments of footage we’re treated to in the documentary, the film could have been Gilliam’s return to form.

Variety are reporting that Gilliam has teamed up with producer Jeremey Thomas (The Dreamers, Sexy Beast) and Hanway Films will deal with international distribution. Also, Gilliam has updated the plot and the film now follows a modern day film-maker who travels back to 17th Century Spain and becomes the sidekick of a delusional self-proclaimed knight. Gilliam is looking to cast Johnny Depp as the lead.  Fingers are crossed that the production will stay afloat this time.