qolbinau said: "Is this still a pipe dream or is there a production company and director attached?"
There's been no official announcement. I bet it depends largely on the reception to CATS: if CATS is big, it could give ALW some "skin" to get his next project financed and attached to a studio. If Close wins the Oscar this year, that could also elevate the film. Probably also depends on who they get for Joe (& Max).
Re: her age, I don't think it's that big a deal. She's 71, but she doesn't look it. 50 in the 1950s meant something entirely different than 50 today. Her being a little older actually raises the stakes of her "comeback." May-December relationships are different and more common now, too. A guy who's ~35 won't look out-of-place (someone like Gyllenhaal, Robert Pattinson, Gordon-Levitt, John Legend, Chris Pine, or Zac Efron). Jackman, however, is way too old.
And I stand by my J.K. Simmons as Max suggestion. Cranston, Lithgow, Langella, Ben Kingsley, Patinkin, or Patrick Stewart could also do it.