On a recent broadcast of NY1 Onstage, LaGravenese told host Frank DiLella, "I just finished doing a rewrite of Gypsy for [Barbra] Streisand, so that's my number one favorite musical, so hopefully that's going to get done."

LaGravenese previously collaborated with "Funny Girl" star Streisand, penning the screenplay for the 1996 comedy "The Mirror Has Two Faces."

When asked whether Lady Gaga--who was recently seen performing a medley from "The Sound of Music" on the Academy Awards — would be part of the Gypsy film, the director said, "I don't know if I'm supposed to say anything. I'm not sure yet."

During an earlier interview with Time Magazine about her film "The Guilt Trip," Streisand stated she was considering casting Gaga as Louise, who transforms into the notorious Gypsy Rose Lee by the end of the musical.

During her concert tour, Streisand performed several songs from Gypsy to acclaim, including "Rose's Turn." Gypsy has music by Jule Styne and lyrics by Stephen Sondheim. Arthur Laurents penned the book.