UPDATE: Variety is reporting that Fox holds an option on Emily Blunt from the contract she signed when she was in The Devil Wears Prada, and may invoke the clause to make sure she takes the part in Gulliver’s Travels. The problem with this? It may cause her to drop out of playing Black Widow in Iron Man 2, though the two sides are trying to work the schedule out so she can be in both films. Let’s hope they can reach a compromise.

THR reports that Emily Blunt and Jason Segel are being sought to sign on for Rob Letterman’s re-telling of the classic Jonathan Swift story, Gulliver’s Travels.

Jack Black is currently attached to star as the titular hero. In this incarnation, Lemuel Gulliver is a travel writer that takes an assignment in Bermuda, but ends up washing up on the shores of Lilliput. The first and most well-known segment of the four-part story, the voyage to Lilliput finds Gulliver in a land where the citizens are tiny but industrious.

Blunt would play the princess of the island and the love interest of Segel’s character Horatio, a Lilliputan who befriends the giant Gulliver.

While the Lilliputan segment is the obvious choice for the movie, I wish we could’ve seen some of the lesser-known voyages play into it.  Though I’m intrigued by the cast, I can’t help but feel like this set-up will bring nothing new to the table. What do you guys think?

Tags: Emily Blunt, Gulliver's Travels, Iron Man 2, Jack Black, Jason Segel, Jonathan Swift, Rob Letterman