Lionsgate

After winning an Oscar for "La La Land,"Damien Chazelle is counting once again on the magic of Los Angeles.

Chazelle has written and will likely direct "Babylon," a period piece set in the 1920s. The story takes place during the movie industry’s transition from silent films to talkies.

A key character is Clara Bow, the early sex symbol and box office star, who was Hollywood’s first “It Girl." Chazelle's "La La Land" Best Actress winner Emma Stone is reportedly being eyed for the role.

The project is making the rounds to studios and streaming companies, though Deadline reports the frontrunner is Lionsgate (which released "La La Land").

Chazelle most recently directed last year's Neil Armstrong biopic "First Man," which reunited him with "La La Land" star Ryan Gosling.

"La La Land" was nominated for 14 Oscars and won six, including one for Chazelle, who became the youngest Best Director winner.