Cate Blanchett in Talks to Join Bradley Cooper in 'Nightmare Alley'

Guillermo del Toro is directing the remake.

Cate Blanchett is in talks to join Bradley Cooper in the Guillermo del Toro-directed remake of Nightmare Alley.

Fox Searchlight, which made del Toro's best picture Oscar winner The Shape of Water, is behind the project.  

Nightmare Alley will be based on the novel by William Lindsay Gresham, which was adapted into a Fox feature in 1947 that starred Tyrone Power and Joan Blondell. The story centers on an ambitious con man who hooks up with a female psychiatrist for a mentalist routine, but she eventually turns the tables on him.  

Del Toro wrote the new script with Kim Morgan and will produce with J. Miles Dale. The film is being financed by del Toro and Dale, with TSG Entertainment.

Blanchett will next be in theaters with Richard Linklater's adaptation of Where'd You Go, Bernadette and is set for FX series Mrs. America.