By Chris Nashawaty
Updated October 19, 2010 at 09:40 PM EDT

Image Credit: Sylvain Gaboury/PR PhotosWhile there may be no second acts in American lives — as F. Scott Fitzgerald once said — there does appear to be second acts when it comes to movie adaptations of the famed author’s novels. According to Deadline, Moulin Rouge director Baz Luhrmann recently held a workshop in New York for a read-through of his screenplay for Fitzgerald’s timeless classic The Great Gatsby, with Leonardo DiCaprio reading the part of super-rich cipher Jay Gatsby, Tobey Maguire as the striving narrator Nick Carraway, and The Town‘s Rebecca Hall as Jazz Age beauty Daisy Buchanan.

Sources tell EW that this type of rehearsal process is not unusual for Luhrmann, but it also in no way guarantees that the three stars will end up being cast in the film. That said, it seems like pretty dead-on casting to us. And a huge improvement over the last big-ticket (but sappy and underwhelming) movie version of the film made in 1974 with Robert Redford as Gatsby, Sam Waterston as Nick, and Mia Farrow as Daisy. DiCaprio, who worked with Luhrmann in 1996’s Romeo + Juliet, has shown that he can play the dashing, debonair type hiding secrets, Maguire seems perfect for Carraway’s soft-spoken, wounded introspection, and Hall has proven that she can play frazzled yet alluring. Other names being batted around for the Daisy role include Natalie Portman and Amanda Seyfried.

Are you excited for a Gatsby film? And who do you think should play Gatsby, Nick, and Daisy?