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As one of the most exciting American filmmakers working today, we’ve all been wondering: what’s Paul Thomas Anderson up to next? He’s certainly not directing “Pinocchio,” though he did do rewrites on the project for his buddy Robert Downey Jr. (he almost starred in “Inherent Vice”). Well, now we know and it’s a move and project that no one would have really expected in a million years: PTA is re-teaming with his “There Will Be Blood” star Daniel Day-Lewis for a movie set in the 1950s fashion world in New York.

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Apparently no deals are in place, but Day-Lewis is in talks for the project. Anderson and Day-Lewis obviously were a tremendous pairing on 2007’s “There Will Be Blood,” a movie that won the actor his second Academy Award for Best Actor and one for its DP Robert Elswit (in total ‘Blood’ was nominated for eight awards including Best Picture and Best Director).

Evidently while Anderson is still working on the script, Day-Lewis has been attached to the project for some time so clearly the director/actor have been mapping out their next move together for months. PTA has allegedly been meeting young actresses of Eastern European descent to cast supporting roles. This is not unlike the director’s approach to “The Master,” which saw a number of names circling early on as he worked on the screenplay and conducted rehearsals, before the final cast solidified, and it rolled in front of cameras.

Megan Ellison’s Annapurna Pictures, who last worked with Anderson on “The Master,” is producing and financing the untitled project. Day-Lewis hasn’t made a movie since 2011’s “Lincoln” while Anderson’s last movie was the terrific documentary “Junun” featuring Radiohead’s Jonny Greenwood, Shye Ben Tzur & The Rajastan Express. He’s also directed recent music videos for Joanna Newsom and Radiohead.