“La La Land” director Damien Chazelle is heading back to Hollywood for his next feature film “Babylon,” and Emma Stone is in early talks to star.

Sources say Chazelle has met with a handful of suitors over the past couple weeks, and Paramount and Lionsgate are both vying to land the project. While Chazelle previously worked with Lionsgate for “La La Land,” one insider added that Paramount may have a slight edge in acquiring it given the scope of the film and the budget it would require. “Babylon” is a period piece set in the 1920s Hollywood, and Chazelle is looking for an A-list ensemble to make this film his largest production to date.

Precise plot details are vague, but sources say the film will take place during the transition from silent films to talkies and will feature a mix of real-life and fictional characters, similar to Quentin Tarantino’s upcoming “Once Upon a Time in Hollywood.” While the exact budget is still to be determined, sources have indicated “Babylon” will mark Chazelle will be assembling an all-star ensemble to share the screen with Stone. Olivia Hamilton, Matt Plouffe, Tobey Maguire and Marc Platt are producing “Babylon.”

Though Chazelle is still working on his Netflix series “The Eddy,” the Oscar-winning director brought his new project to the market last month. Chazelle is also in development on a top-secret series for Apple.

Stone is coming off a critically acclaimed performance in Yorgos Lanthimos’ “The Favourite,” which earned her an Oscar nomination for best actress, in addition to appearing in her first TV series “Maniac.” She recently completed production on the upcoming “Zombieland” sequel, which bows later this year.

Both are repped by WME with Anonymous Content also repping Stone. Deadline Hollywood first reported the news.