By Nicole Sperling
Updated June 07, 2010 at 07:17 PM EDT

Image Credit: Kerry HayesEW has learned exclusively that Sandra Bullock and Ryan Reynolds are reuniting on a new action comedy, tentatively titled Most Wanted. The project, a pitch from The Proposal screenwriter Peter Chiarelli, was purchased by Universal Pictures on Friday. Sources say the studio paid $1 million for it after winning a bidding war over four other parties. They are currently negotiating with The Proposal director Anne Fletcher to helm the film. The storyline for the movie revolves around a criminal (Bullock) being escorted to court by a U.S. Marshall (Reynolds). Both are ambushed on the way and are forced to go on the run. Mandeville Films, the company behind The Proposal, will produce. Ryan Reynolds will executive produce with his partner Jonathan Komack Martin.

Will Bullock and Reynolds be the next Meg Ryan and Tom Hanks, who reunited in Nora Ephron’s You’ve Got Mail back in 1998 after their stunning success together in Ephron’s Sleepless in Seattle? Bullock has been on hiatus since her big Oscar win earlier this year while Reynolds’ schedule couldn’t be busier: The comedic actor is currently shooting The Green Lantern in Louisiana and is next scheduled to star in The Change-Up opposite Jason Bateman.