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According to Deadline, the actor's Appian Way Productions is behind the picture and DiCaprio is to play the lead role.
He is said to be in talks with Oscar winner Oliver Stone to direct the project.
The book by John D. MacDonald centres on Travis McGee, a beach bum who gets into misadventures during his "salvage consultant" jobs.
MacDonald's novel was first published in 1964 as the first of a 21-volume series.
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