Jake Gyllenhaal is set to star in 'Mississippi Grand'.

The actor is being lined up for the lead role in Ryan Fleck and Anna Boden's latest project, which they will direct from a screenplay they penned.

The story focuses on a down-on-his-luck gambler facing crushing debt who teams up with a younger gambling addict (Gyllenhaal) in an attempt to change his luck.

The two set off on a road trip through the south of America with the Hope of winning back what has been lost.

Talent agency WME - which represents Fleck, Boden and Gyllenhaal - is packaging the project and there is less than $10 million for the budget.

Electric City partners Jamie Patricof and Lynette Howell are producing alongside former WME agent and Paramount president John Lesher.

Gyllenhaal will next be seen starring alongside Anna Kendrick and Michael Pena in David Ayer's crime drama 'End of Watch'.

Fleck and Boden most recently wrote and directed 'It's Kind of a Funny Story' with Zach Galifianakis.