BAZ Luhrmann has signed a deal to remake one of the most iconic movies of all time, The Great Gatsby, in Sydney.

In a coup for the Australian film industry and...[state Premeir Kristina] Keneally government, Luhrmann has brushed New York - where the classic tale is set - and will instead shoot a 3D version in NSW [New South Wales].

The Sunday Telegraph can reveal the State Government signed off on a production deal with Luhrmann early on Friday morning.

Luhrmann has already secured Leonardo DiCaprio to play Jay Gatsby in the F. Scott Fitzgerald story, one of the film industry's most anticipated projects.

It will be the first time Luhrmann and DiCaprio have worked together since the Oscar-nominated Romeo + Juliet in 1996.

DiCaprio, who commands $20 million a movie, will reprise the role made famous by Robert Redford in 1974, with 25-year-old British actress Carey Mulligan as Daisy Buchanan, played by Mia Farrow in the original.

Tobey Maguire is tipped to play young bachelor Nick Carraway, rounding out an all-star cast.

And here's a link to an on-line poll: Great Gatsby to be remade with Leonardo DeCaprio in the lead. Do you think you will see it? Would he be your choice? What about an actress to play Daisy?