Streisand, who will star as Mama Rose, has been developing a film remake of Gypsy along with Joel Silver ("Sherlock Holmes," "The Matrix"). In 2012 Academy Award-winning screenwriter Julian Fellowes ("Downton Abbey") was reported to be working on the script.
LaGravenese collaborated with the "Funny Girl" star before, having penned the screenplay for the 1996 comedy "The Mirror Has Two Faces," which Streisand directed and starred in. He also recently adapted the Jason Robert Brown musical The Last Five years for the screen.
It is also reported that Streisand may also consider repeating her directorial duties with "Gypsy."