According to Deadline, Beatty, who turned 74 this March, wrote the script and will also produce the film, whose plot has not been revealed. Casting is underway right now, with production most likely to begin next year.
Beatty's relationship with Paramount has been fruitful. Beatty made 'Heaven Can Wait' and 'Reds' for Paramount, collecting 21 Oscar noms between them; he won Best Director for 'Reds.' He also received the Irving Thalberg Award.
In announcing the deal, Paramount chairman and CEO Brad Grey said "Warren's script is quintessential Beatty, elegantly written and wonderfully entertaining. It is our privilege to have one of the great artists in the history of the film industry come home to Paramount."