Lee Daniels, the much lauded director of festival darling and his second feature, “Precious: Based on the Novel ‘Push’ by Sapphire,” may very well direct a film version of “Miss Saigon” with former United Artists CEO, Paula Wagner, producing for the first time since leaving UA, reports Variety.

Although no deal is yet complete, Daniels has indicated that the film is a definite possibility and his reps have confirmed that the option is on the table.

Wagner will produce the flick with Cameron Mackintosh, who produced the West End-Broadway musical, under her newly minted Chestnut Ridge Productions.

No writer has yet been hired, but sources say that will soon be remedied.

Production is planned to begin next year with a tentative release scheduled for 2011.

The film will reportedly remain faithful to Claude-Michel Schonberg and Alain Boublil’s original story about a tragic love affair between a Vietnamese bar girl and an American soldier before Saigon’s demise in 1975.