Luhrmann, who also directed Australia and Moulin Rouge!, has acquired the film rights to the Francis Scott Fitzgerald novel, The Great Gatsby.
The story takes place just before the Great Depression, and Luhrmann feels it will be a film that encourages economical awareness in these times of rising financial concerns.
The director plans to make the film quickly, despite the fact that his latest film, Australia starring Nicole Kidman and Hugh Jackman, has been disappointing at the box office. The movie has earned only $38 million since its opening in November.