Sam Mendes plans to direct 'On Chesil Beach'.
The filmmaker has had some time freed up following problems in production for the 23rd James Bond movie, and is now working on the Ian McEwan novel adaptation.
British actress Carey Mulligan - who was nominated for a Best Actress Oscar earlier this year for her role in 'An Education' - is in talks with Mendes to play a lead character in the film.
'On Chesil Beach' takes place in the UK in the early 1960s, and tells the tale of two repressed virgins who go on ill-advised sexual escapades that end badly.
Mendes will work alongside Pippa Harris on production of the film.
In addition to 'On Chesil Beach', Sam is also committing himself to a musical production of Roald Dahl's 'Charlie and the Chocolate Factory' - due for release in London around Christmas 2011.
According to Deadline.com, he has also pulled out of plans to work on 'Wizard of Oz' prequel 'The Great and Powerful Oz'.