Todd Phillips, best known as the director of the soon-to-be-completed The Hangover trilogy, is in talks to direct Paramount Pictures' upcoming remake of The Gambler, according to a story at The Hollywood Reporter.

First announced almost exactly a year ago, the update of the 1974 film was then targeted by Martin Scorsese and will feature a screenplay by The Departed's William Monahan.

The original film starred James Caan as an English professor with a gambling addiction who falls into debt with the mob for $40,000. In over his head, his mother gives him some money, which he quickly tries to increase in Las Vegas. Unfortunately, the odds never allow him to win or fully recover, so his future stays in the mob's hands.

Caan received a Golden Globe nomination for best actor for his performance. Lauren Hutton and Paul Sorvino co-starred.

Irwin Winkler, who produced that version, will again act as producer of the new film.

Phillips is set to begin shooting The Hangover Part III next month and would likely tackle The Gambler sometime next year.

(Photo Credit: Apega / WENN.com)