Read the DEADLINE article that broke the story. It includes a lengthy statement from Dee Rees, which many of you obviously haven't read:
"With the help of a terrific artistic team, my vision is to invest this community with a new agency and re-locate the characters from a fictional landscape mostly viewed from the outside to a real geography with actual historical and cultural roots, relevance, and consequence and that has been built and lived from the inside......By accessing the spirit of the lyrics as they’ve been conjured, reinterpreted, and rearranged by greats like Nina Simone and Billie Holiday, I’m most excited about inviting today’s brightest musical talents to lend new voice and spirit to both the joys and the frustrations of the ongoing struggle of African American citizens in this country. In this new adaptation, I’m hoping to raise the stakes for our hero and heroine, giving them full expression of existence placing emphasis not just on the circumstantial but on their rich inner lives and emotional pasts."
So, it sounds to me like it WON'T be set in Catfish Row in the 20s, and it WON'T be an opera. I do think it would be interesting to hear the score reinterpreted in a context that adds more modern relevance to a 21st century film –– whether that's ultimately successful or not is a different story, but it's worth a try. Remember also that P&B enters the public domain in the near future, and the Gershwin Estate is obviously invested in finding new ways to revitalize the brothers' work in a way that it can be relevant to 21st century listeners and audiences.
Please also keep in mind that [a] Dee Rees's latest film, The Last Thing He Wanted (Netflix), has a 6% RottenTomatoes rating; [b] this is a passion project for 88-year-old Irwin Winkler; [c] MGM is behind it, and aside from James Bond they've had a pretty awful track record recently. I'll believe it's happening when we see a trailer.