Eastwood's film will be the fourth version of the story, which first made it to the screen in 1937.
Beyonce is in talks to play Esther Blodgett, the small-town girl who arrives in Hollywood dreaming of fame. She meets and falls in love with Norman Maine, an alcoholic former matinee idol who guides her to stardom but finds his own career on the wane.
The role of Maine is yet to be cast but Robert Downey Jr and Russell Crowe have each been linked to the role.
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