Two-time Academy Award winner Cate Blanchett is all set to star in Guillermo del Toro's next film, Nightmare Alley. 

The film is a remake of the 1947 film of the same name, which in itself was based on the 1946 novel by William Lindsay Gresham. The story follows Stanton Carlisle, an ambitious young con-man who teams up with a corrupt female psychiatrist to fleece people with their mentalist act. However, the story takes a dramatic turn when the lady turns against Carlisle and tries to outfox him.

Based on the script written by Kim Morgan and del Toro, the film already has Bradley Cooper, who joined the project in June. del Toro will produce Nightmare Alley with J Miles Davis and it will be distributed by Fox Searchlight.

Blanchett is currently awaiting the release of Richard Linklater-directed Where'd You Go, Bernadette?