Megan Ellison and Annapurna Pictures would produce the film, set in the 1950s fashion world.

PTA loyalists, rejoice: There’s news of a new Paul Thomas Anderson joint, one that would reunite the director with his “There Will Be Blood” star Daniel Day-Lewis.

Variety reports that the feature would be a period piece set in the world of 1950s fashion, and produced via Megan Ellison’s Annapurna Pictures.

While no deal is in place, Ellison has been PTA’s producing and financing partner since “The Master” in 2012.

This would be Anderson’s first film since “Inherent Vice” in 2014. Since then, he’s occupied himself with video shorts for musician-actress Joanna Newsom, who also had a role in “Inherent Vice,” and most recently for Radiohead. Anderson also directed a documentary, “Junun,” which documented the production of an album by Radiohead guitarist Jonny Greenwood and composer Shye Ben Tzur.

Period productions shape much of Anderson’s work. While “Hard Eight,” “Magnolia,” and “Punch-Drunk Love” were set in the present day, “Boogie Nights” took on the porn world of the late-’70s-early ’80s and “There Will Be Blood” was an adaptation of Upton Sinclair’s novel set in the early-20th century oil business.

More recently, “The Master” was loosely based on the life of L. Ron Hubbard and set just after World War II, while “Inherent Vice” was an adaptation of Thomas Pynchon’s 2009 novel set in early ‘70s Los Angeles.

This would be the first film for Day-Lewis since “Lincoln” in 2012.

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