By Kevin P. Sullivan
September 08, 2016 at 03:11 PM EDT
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The There Will Be Blood reunion is officially a go. EW has confirmed that Focus Features picked up worldwide rights to the next film from writer-director Paul Thomas Anderson, which will star three-time Academy Award winner Daniel Day-Lewis, for $35 million. 

As previously rumored, the film is set in the world of 1950s fashion. The plan is to start production in early 2017 for a release later in the year. Megan Ellison’s Annapurna Pictures is producing.

This will be Day-Lewis’ first role since 2012’s Lincoln, for which he won his third Oscar. The lauded actor has taken to working every few years, and Lincoln was only his second role since his previous Academy Award-worthy effort in Anderson’s There Will Be Blood

The London setting is a major departure for Anderson, whose complicated relationship with California — Los Angeles in particular — has played a major role in every one of his films to date.

News of the deal was first reported by Deadline.