According to The Hollywood Reporter, Kyle Killen's script has attracted the attention of Carrey, who would portray a man who walks around with a beaver puppet on his hand believing it to be real. Steve Carell was previously attached to the project.
Production firm Anonymous Content is also searching for a new director after the departure of Jay Roach. Foster, who helmed Little Man Tate and Home For The Holidays in the '90s, is said to have held discussions about taking the reins.
Yes Man star Carrey can next be seen in Robert Zemeckis's A Christmas Carol, released in IMAX 3-D and conventional cinemas on November 6.