Martin Scorsese was once attached to call action on the story that follows a UCLA literature professor with a gambling problem who feels the heat of several gangsters.
William Monahan ("The Departed") wrote the new version of the screenplay.
Irwin Winkler, who produced the original, is returning in the same capacity.
The pic is expected to be Phillips' first film once he finishes "The Hangover Part III" which begins production next month.
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