Paul Thomas Anderson and Daniel Day-Lewis, perhaps the most-coveted director-actor partnership in Hollywood today, will be working together again on a film that hopes to become an Oscar-favorite for 2017.

The two will work together again for the first time since 2007's seminal There Will Be Blood on the as-of-yet untitled project. According to Deadline, Universal and Focus Features just bought the rights to the film, which will have a budget of a reported $35 million USD. This comes after an alleged intense bidding war with Fox Searchlight for the rights to the upcoming film, which will be a '50s drama set in the London fashion industry.

The film will be Day-Lewis' first since his most-recent Oscar winning performance for Lincoln in 2012, and Anderson's first feature length since 2015's Inherent Vice. No word yet on if Radiohead guitarist and composer Jonny Greenwood will become a member of the project, but considering Greenwood has worked with Anderson on the aforementioned Inherent Vice and There Will Be Blood, as well as 2012's The Master, the odds are probably good.

The film will be produced by Megan Ellison's Annapurna Pictures with Anderson and JoAnne Sellar's Ghoulardi Film Company beginning in January of next year, aiming for a late 2017 release.