The Oscar winner will moderate the new project, which according to Deadline will be written and staged by filmmaker Hereditary and Midsommar.
It was rumored that Phoenix was negotiating late last year to star in Aster’s new film, but insiders told the outlet that the meetings were just discussions and nothing had been firmly agreed as of now.
After the 46-year-old Joker star signed up for the project, it was made available to buyers. Independent entertainment company A24 grabbed Aster’s film in a deal to fund and produce Disappointment Blvd.
Details of the film are under wraps, but the plot has been described as an “intimate, decades-long portrait of one of the most successful entrepreneurs of all time”. It is not yet known whether the topic in the project is fictional or based on a real person.
Aster and Lars Knudsen will also be producing the film.
A production start date has not yet been set, but Deadline reports that Phoenix will likely film this project before playing Napoleon Bonaparte in Ridley Scott’s upcoming historical epic Kitbag.
The director is still in preproduction of his crime thriller Gucci, which could advance the filming of Kitbag until 2022.
Aster’s critically acclaimed psychological horror Hereditary starring Toni Collette and Gabriel Byrne was a huge hit back in 2018, and the 34-year-old filmmaker continued his success with Midsommar starring Florence Pugh and Jack Reynor in 2019.