Jonah Hill and James Franco to tell a 'True Story'

Jonah Hill might not have won the Best Supporting Actor Oscar, but the actor is teaming up with fellow former nominee James Franco for a new movie called "True Story" -- yes, based on a true story -- produced by none other than former costar and Oscar nominee Brad Pitt.

According to Deadline, Hill will play a New York Times Magazine journalist named Michael Finkel fired for falsifying information in an article, but gets an exclusive interview with a fugitive named Christian Longo (Franco) captured by the FBI. The twist: Longo had been living in Mexico after assuming Finkel's identity. The interview gives Finkel a chance to redeem his career, while giving Longo the opportunity to prove his innocence after being accused of killing his family.

Pitt, who also produced "Moneyball," is on board as a producer on the new film, which will be directed by Rupert Goold. Apparently the deal is still being solidified and should become official within the next week.