Daniel Day-Lewis and Paul Thomas Anderson may reunite for a new film.

Daniel Day-Lewis and Paul Thomas Anderson

Daniel Day-Lewis and Paul Thomas Anderson

The Irish actor and American film director - who collaborated on 2008 hit 'There Will Be Blood' - have set tongues wagging that they're gearing up for a new project that Anderson is working on and Lewis is in talks to take the lead role, according to Variety.

Though little has been revealed about the movie, it is set in the 1950s and will be notably different from the project that brought them together, because it is set in New York and will revolve around the fashion industry.

'There Will Be Blood' was a drama fuelled by family, religion, hatred, oil and madness, and focused on a turn-of-the-century prospector (Lewis) in the early days of the business.

Anderson - whose other credits include 'Punch-Drunk Love', 'Magnolia', 'Boogie Nights' and 'Hard Eight' - wrote and directed the title, which was his fifth feature length film.

Since then, the 45-year-old filmmaker has been busying himself with a foray in to the world of music and directed Radiohead's 'Daydreaming' video and Joanna Newsom's 'Divers' and 'Sapokanikan'.

Meanwhile, Lewis, 59 - who is married to independent filmmaker Rebecca Miller - has been away from the big screen since his 2012 epic historical drama 'Lincoln' in which he played the title role.