Almost three years ago, we reported that Warren Beatty was planning to direct his first movie since 1998's Bulworth.  Initial reports said that the film might be a comedy about an elderly Howard Hughes (played by Beatty) having an affair with a younger woman.  At the time, Beatty's prospects for the cast included Andrew Garfield, Alec Baldwin, Shia Labeouf, Jack Nicholson, Evan Rachel Wood, Rooney Mara, and wife Annette Bening.  However, word on the film went silent, and it looked like it had slipped into development hell.

But now it looks like Beatty has the budget ($26.7 million) and the cast to make the project a reality, and shooting is already underway.  Hit the jump for more.

According to Deadline, Beatty will still play Hughes, but the focus of the film will be the love story between Hughes assistant (played by Beautiful Creatures' Alden Ehrenreich) and a young woman (played by The Mortal Instruments' Lily Collins).  Deadline also reports that Beatty "already shot a small amount of film on the picture but it starts rolling in earnest today. Beatty’s wife Annette Bening and Matthew Broderick and other surprises are expected."

Naturally, there will be a lot of attention on the new project from the Hollywood legend, and I'm curious to see how Hughes will factor into the story since he's not the lead character.  Since Hughes was a notorious lothario who bedded some of Hollywood's most famous starlets, will he be a mentor to Ehrenreich's character?  Or will he be a demanding obstacle since Hughes' later life was marked by reclusiveness and strange rumors?  Either way, I'm glad the project is moving forward, and I'm eager to hear more about the film as it moves through production.