But now it looks like it's really happening! And, if you could imagine, the project just got more exciting. Deadline.com is reporting that Oscar winner and "Downton Abbey" creator, Julian Fellowes is set to write the script for "Gypsy." Streisand will be producing along with action movie vet Joel Silver, (the film marks Silver's first Broadway-style musical).
The classic play follows Gypsy Rose Lee, a burlesque dancer, and her toxic relationship with her pushy show biz mother, Momma Rose, which Streisand is set to reprise. The play was initially adapted in 1962, starring Natalie Wood and Rosalind Russell. Streisand has another movie in the works, starring alongside Seth Rogen in a mother-son comedy, "The Guilt Trip," out November 2.
While you're surely psyched that Babs will be returning to big screen musicals -- her first singing role since 1983's "Yentl" (oy!) -- there's still no word on who will play the titular lead.
Check out some of our dream casting we'd like to see opposite Streisand. How do you them egg rolls, Mr. Goldstone?