Brazilian production company RT Features is developing an English-language adapation of one of Dylan's best and most celebrated records, "Blood On The Tracks." The rights were picked up from Grey Water Park Productions who have previously been involved with Dylan-related projects like "Masked & Anonymous" (which also starred Dylan)," Martin Scorsese's documentary "No Direction Home" and Haynes' aforementioned film. It's in very early stages, and the film is looking for a director (and we presume a writer as well, as none is mentioned in Variety's report).
The common legend around the album is that the songs were written in the wake of Dylan's divorce from his wife Sara, making it one of his most personal records. But in his memoirs, "Chronicles Vol. 1," Dylan refuted that claim, stating they were instead inspired by the stories of Anton Chekov. Regardless of the source of the songs, they are undeniable and some of his best, inspiring numerous covers and in the case of "Lily, Rosemary And The Jack Of Hearts," two screenplays (which have never been made).
But this isn't the only project in recent memory based on Dylan. A couple of years ago, "Crazy Heart" director Scott Cooper was kicking around a film adaptation of "Brownsville Girl" that had a script by Jay Cocks ("Gangs of New York") and Brad Pitt was offered the lead. But it never came to pass. We'll see how this one develops and if it makes it in front of cameras, but it's fascinating prospect.