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Two-time Academy Award winner Peter Farrelly has set his sights on heavyweight heights for his next feature film, which will center on how Sylvester Stallone came to make Rocky (1967).

Titled I Play Rocky, Farrelly's film (as per IMDb) follows a failing actor who writes the ultimate underdog story and must fight for his chance to play the role of a lifetime: Rocky Balboa.

Further details, as per Indiewire, reveal more about the plot: "Turning down an offer of life-changing money, he instead works for pennies to get the movie made with himself in the starring role."

Casting is currently underway on who will play Stallone with the film chief at Warner Bros., Toby Emmerich, saying, "Like the unknown Stallone starring in Rocky, Pete will be conducting a worldwide search to discover another actor who just needs one shot — in I Play Rocky — to show the world what he can do."

The film will take a trip to this year's Cannes Film Festival, where it'll be presented to buyers by CAA domestically and by FilmNation Entertainment internationally.

Farrelly will also serve as a producer on the project alongside Emmerich and Christian Baha, with Peter Gamble penning the screenplay.

"When I first read Peter Gamble's energetic and poignant script, I knew it captured something very special," Baha said. "The story of I Play Rocky is as unique as Sylvester Stallone himself, a seeming Everyman with an undeniable gift who needs to share it with the world and refuses to take 'no' for an answer. And like the hero of our film, Baha Productions needed grit and determination as we fought for years to make this project into a reality. We are so fortunate to have teamed up with Toby Emmerich and Peter Farrelly, two legendary talents who not only share but enhance our vision of the film."

Farrelly's two Oscars came from his 2018 film Green Book. Farrelly won in the Best Original Screenplay category, which he shared with Nick Vallelonga and Brian Hayes Currie, as well as securing the top prize: Best Motion Picture of the Year.

His earlier work consists of Dumb and Dumber, There's Something About Mary and Shallow Hal

This article first appeared on Men's Journal and was syndicated with permission.

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