Way back in 2009 there were rumours that Reese would be reuniting with her Election director Alexander Payne on a new project entitled Downsizing (original stories here and here). These reports have popped up again, with Matt Damon now attached to co-star:

Reese Witherspoon ‘Downsizing’ With Matt Damon, Alexander Payne

Wild star Reese Witherspoon will star with Matt Damon in Downsizing, the next film from Alexander Payne. The pic was scripted by Payne with Jim Taylor, with whom Payne shared the Adapted Screenplay Oscar for Sideways. They partner in Ad Hominem Enterprises, and their scripting collaborations also include About Schmidt. The film is a social satire in which a guy realizes he would have a better life if he were to shrink himself. Witherspoon’s star making role as she transitioned from child actress to adulthood came in the Payne-directed satire Election.

The timing is the tricky thing here for Witherspoon, who’s squarely in the Oscar mix for her performance as star and producer of Wild. Damon first will do another installment of the Bourne franchise for Universal, and then Downsizing will happen. Witherspoon is repped by CAA and LBI.

– Deadline