Last June we reported Angelina Jolie had been approached to play Cleopatra in a biopic of the legendary queen. While fans of the chic and strong leading lady fantasized about how fierce she’d look with the Cleo cateye, Jolie insisted she’d only sign on if the project tackled the story of Cleopatra in an “original” way.

Deadline reports the film, based on the Pulitzer Prize winning biography Cleopatra written by Stacy Schiff, will be a sweeping epic in the vein of Gone With the Wind. Scott Rudin, who optioned the book, will produce, and Sony Pictures Entertainment Co-Chair Amy Pascal has opted to fast-track the picture’s production with hopes to capitalize on Jolie’s admitted interest in playing “the ‘greatest female heroine’ that’s ever lived.”

The enthusiasm over the project is surprising in a time when studios are leery of big budget productions. Just look at the struggles for Bond and The Hobbit to hit greenlight status. Hollywood is hurting, so grand productions on par with legendary epics are risky business. Add in the troubled production history of the infamous 1963 Cleopatra whose budget went from $2 million to $44 million by the end of production, and it’s almost shocking Sony is so enthusiastic.

However, part of the chutzpah behind this decision is Sony’s hidden ace, James Cameron – KING OF THE WORLD – and tent-pole cinema extraordinaire. Cameron’s built his reputation on creating film phenomena, and hot off Avatar’s worldwide love fest Sony’s confidence makes more sense. Especially when you factor in Cameron’s love for 3D. Yep, a 3D biopic about Cleopatra starring Angelina Jolie. Sometimes movie deals sound like Mad Libs.

Anyhow, the early buzz is good. The Schiff bio reveals “astonishing and rare facts” that paint the portrait of a formidable queen, making Cleo a role Jolie could really sink her teeth into. Add to this Cameron’s involvement, 3D, and the rumors that Brad Pitt may star opposite his real-life lady love as Mark Antony, and you’ve got a whole lot of excitement over the production that hopes to start filming next year.

For now the film’s still in development with Jolie attached – but not signed – though Deadline insists she’s very interested in the Queen of Egypt and “heavily involved” in the development of the script that is being written for her. It sounds like Jolie wants to make sure it’s right before signing on, which considering her passion for the story, seems to be a great sign:

“We are trying to uncover the truth about [Cleopatra] as a leader and not just a sex symbol which she really wasn’t — she didn’t have many lovers, maybe only two, and they’re men she had children with…She was misunderstood and her life story was written wrongly. I always thought her life was very glamorous. Then I read her story and found a different side to her – that she was a mother, leader and an intellect who spoke five languages! Her upbringing also reflected her relationship with Rome — all that is much more interesting than what she was summed up to be.”

While I’m always leery when studios forcefully throw out comparisons to the Hollywood classics when hyping new projects, this proposed Cleopatra seems to be based on a respected telling of her life story, and the cast and crew peopling production are all admittedly passionate about the project. With all this, it’s hard to be cynical, so I’m favoring cautious optimism.

What are your thoughts on Cameron & Jolie’s proposed Cleopatra in 3D?

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