The King of New York filmmaker has co-written an adaptation of Swiss psychologist Carl Jung's The Red Book, a collection of his works on dreams, and he has asked Dafoe to pull double duty by playing two roles in the project, titled Siberia.
Ferrara tells ScreenDaily.com, "It's set in the reality of a mythical universe in a small cafe where Willem and another person are holed up... When I say it's about dreams, I'm talking about nightmares."
The cult filmmaker plans to outline his plans for Siberia at a press conference at the Cannes Film Festival in France on Monday (18May15), a year after courting controversy with the premiere of Welcome To New York, his biopic about former International Monetary Fund (IMF) chief Dominique Strauss-Kahn's 2011 sex scandal.
Ferrara says, "I'm glad to be bringing this film to Cannes. I'm looking forward to it; we love the craziness. There's no place like it in the world."
The director will announce his Kickstarter plans during the media event, but he reveals his initial goal will be at least $500,000 (£312,500).
He adds, "I'm amped up about it. This is a very adventurous project and this is a revolutionary way of bringing our audience together."
Siberia will mark Ferrara's fifth project with Dafoe - they previously collaborated on New Rose Hotel, Go Go Tales, 4:44 - Last Day on Earth and 2014's Pasolini, a biopic about the final days of Italian director Pier Paolo Pasolini.
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