According to a report at Vulture, Abrams is finishing a script described as "a tip of the hat to [Spielberg's] movies of the '70s and early '80s" that he plans to direct at Paramount (his home away from home). Vulture's sources say that "like Spielberg's 'Jaws,' 'Close Encounters of the Third Kind' and 'E.T.: The Extra-Terrestrial,' the project will deal with everyday people whose personal relationships are tested when they are thrown up against extraordinarily fantastic -- and possibly other-worldly -- events."
What's even more interesting about the project is that Vulture's insiders claim that Abrams is counting on Spielberg's participation, whether as an executive producer or an adviser, since "J.J. wants to make sure Steven is properly paid homage to. This is really an interpretation of some of Spielberg's earlier films, but done in a personal way."
Again, according to Vulture, the film will have a low budget (like Abrams' $25 million 'Cloverfield') and, as yet, has no title. And both Paramount and Spielberg's DreamWorks have denied any knowledge of the project.
Stay tuned for this one.