The Oscar winner has been working on the passion project, which is loosely based on burlesque dancer Gypsy Rose Lee's memoirs, for years after receiving the blessing of playwright Arthur Laurents to adapt the project prior to his death in 2011.

Production on the movie stalled last autumn (15) when bosses at Universal Pictures dropped the project, but now executives at STX Entertainment have taken over, and they are in advanced negotiations with Streisand for her to take the lead role as classic stage mother Mama Rose, according to Variety.

Sources report Streisand will also produce the film and Oscar winner Barry Levinson will direct from a screenplay written by The Fisher King's Richard LaGravenese. Streisand is also involved in developing the script.

"It's Barbra Streisand doing one more, if not the last, movie musical of her career," STX Chairman Adam Fogelson says in a statement, suggesting the cast will be star-studded with talent that is "clamoring to work with her (Streisand) on one of the most famous and satisfying musicals ever."

Gypsy, which features musical anthems like Everything’s Coming Up Roses and Rose's Turn by lyricist Stephen Sondheim, was first made for the big screen in 1962 when Rosalind Russell portrayed Mama Rose. Bette Midler played the character in a TV project in 1993.

According to Variety, production on the film could start later this year (16).