The busy actor, who has been a steady presence on Broadway in recent seasons, starred in a Nicholas Martin-directed production of the play at Boston's Huntington Theatre Company last fall.
"It's just a matter of timing," Lane told Playbill On-Line columnist Harry Haun. "We're aiming for fall of 2005."
The Huntington staging began Oct. 24, 2003, for a run through Nov. 30. Lane played a literary professor who loses his wife and lover in the same day. He shared the stage with Benedick Bates, the son of Broadway's original Butley Alan Bates.
Lane has long had his eye on the Gray play. About a decade ago, a Lane Butley was talked about for the Roundabout Theatre Company.
Very early in his career, Lane acted in the New York premiere of Gray's The Common Pursuit. It was one of the actor's first critical successes.
The dark comedy, Butley, premiered at the Morosco Theatre on Broadway Oct. 31, 1972. British thespian Alan Bates, who originated the title role in the Harold Pinter-directed London production, reprised his portrayal to Tony-Award winning success.