Leonardo DiCaprio is in negotiations to star in Fox Searchlight's "Nightmare Alley", Guillermo del Toro's follow-up to his Oscar-winning film "The Shape of Water".

Del Toro will direct the pic and co-wrote the script with Kim Morgan. "Nightmare Alley" is being produced and financed by del Toro and J. Miles Dale with TSG Entertainment, with Fox Searchlight acquiring worldwide distribution rights to the film.

Nightmare Alley will be based on the novel by William Lindsay Gresham, which was adapted in 1947 into a Fox feature that starred Tyrone Power and Joan Blondel. The story centers on an ambitious con man who hooks up with a female psychiatrist for a mentalist routine, but eventually she turns the tables on him.

Source: Press Release