EXCLUSIVE UPDATE: I’ve heard from sources that Martin McDonagh has a title ready for his next movie, the one he’ll shoot this summer with In Bruges stars Colin Farrell and Brendan Gleeson in the lead roles. The film is titled The Banshees of Inisheer.

PREVIOUS EXCLUSIVE, 8:07 AM: Martin McDonagh’s untitled next film that he set up for world rights at Searchlight Pictures will re-team him with his In Bruges stars Colin Farrell and Brendan Gleeson, sources said.

The film is set on a remote Irish isle, and they will play two lifelong friends who find themselves at an impasse when one abruptly ends their relationship with alarming consequences for both of them. It will shoot this summer. Film4 is financing in a deal put together by CAA Media Finance.

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The writer-director teamed with those actors and Ralph Fiennes in the McDonagh-scripted 2008 black comedy In Bruges, in which Farrell played a hitman who botches a job and is brought to the picturesque city in Belgium to enjoy himself before he is bumped off by a colleague (Gleeson). Turns out the hitman is suicidal because of the botched hit — a child was killed — and when his buddy halts his suicide attempt and refuses to bump him off, both of the assassins are targeted by their vicious boss (Fiennes). The pic was a big breakout directorial debut for McDonagh.

McDonagh directed his previous film for Searchlight, Three Billboards Outside Ebbing, Missouri, which won Oscars for Frances McDormand and Sam Rockwell.

Blueprint Pictures is backing The Banshees of Inisheer as producer, with Graham Broadbent, Peter Czernin and McDonagh producing, and Diarmuid McKeown, Ben Knight, Daniel Battsek and Ollie Madden the exec producers.

Martin McDonagh On Oscars And Snubs, Heading Back To Broadway, And How ‘Three Billboards’ Hit A Nerve In The #TimesUp Era – Behind The Lens