The Oscar-winning actress is in talks to star opposite Bradley Cooper in "Nightmare Alley," an adaptation of William Lindsay Gresham's novel.
The book was previously adapted into a movie in 1947, which starred Tyrone Power as an ambitious young con-man who teams up with a female psychiatrist who is even more corrupt than he is. At first, they enjoy success fleecing people with their mentalist act, but then she turns the tables on him, out-manipulating the manipulator.
"Nightmare Alley" is del Toro's first directing gig since 2017's "Shape of Water," which won four Academy Awards including Best Picture.
Blanchett can next be seen in Richard Linklater's "Where'd You Go Bernadette?" this fall.