Reese Witherspoon is reuniting with Alexander Payne, the filmmaker who directed her to acclaim in 1999's Election, for his social satire Downsizing, The Hollywood Reporter has confirmed.

Matt Damon is attached to star in the story of a man, down on his luck, who decides he can have a better life if he undergoes a process to shrink himself.

The project is not financed at this stage. Payne, Taylor and Jim Burke are producing.

The timing of the movie is dependent on Damon's availability. The actor plans to shoot the next Bourne movie before tackling Downsizing, according to insiders.

This would be Witherspoon's second go-around at Downsizing. The actress, who is on the awards circuit with her drama Wild, was involved with it back in 2009, when she, Paul Giamatti and Sacha Baron Cohen circled it.