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The project is called "The Intern," and was originally set up as a vehicle for Tina Fey. It's based on an original screenplay by Meyers, who will also direct, that follows a fashion website editor (Witherspoon) and her relationship with a recently-hired senior citizen intern (De Niro).
The Hollywood Reporter writes that negotiations for Witherspoon and De Niro are "at a delicate stage," with Witherspoon in serious talks and De Niro "circling" the project. Considering his recent turn in "Last Vegas" and his upcoming role in "Grudge Match," it would seem De Niro's willingness to make a joke of his advanced age would fit right in with the crux of "The Intern"'s plot.
Of course, the film still needs studio backing, and Witherspoon is busy with a host of upcoming projects, including playing the main character in memoir adaptation "Wild," which is currently in production. Stay tuned for further developments.
[via The Hollywood Reporter]