The new version will star Adam Driver, Michael Palin and Olga Kurylenko, as announced at a press conference at the Cannes Film Festival earlier today (via Indiewire). Gilliam called the group "the perfect cast."
Gilliam attempted to the make the film, about an ad executive unstuck in time, in the late 1990s, with Johnny Depp and Jean Rochefort. After a number of production setbacks — including a flood washing away sets — he was forced to abandon shooting and lost control of the project to a completion bond company. The saga was chronicled in the 2002 documentary Lost in La Mancha.
Over the years, actors like Robert Duvall, John Hurt and Ewan McGregor have been attached to the project as Gilliam regained control and sought funding.
But the filmmaker took the time to rework the plot a little. Driver's ad executive now returns to a Spanish village where he shot a short film based on Don Quixote years ago and finds himself in a number of familiar scrapes and adventures. "Adam is Sancho Panzo, but he's not," Gilliam said at the press conference. "Nobody is who they seem in this movie."