I was trying to wait until a clearer picture of this project came together before posting, but fuck it, it looks like this is all we're getting for now: Quentin Tarantino might be making a Sergio Leone-style spaghetti western that would star Christoph Waltz, Franco Nero, Keith Carradine, and Treat Williams. That already sounds like such a convincing, perfectly-Tarantino future project for the director that I barely see the need to question it, but if you'd like some evidence, it comes from MoviePlayer (via ThePlaylist), who has word from Franco (Nero, not James, though he'll probably somehow get involved eventually). The Italian actor said:
The film will be called ‘The Angel, The Bad And The Wise’ and is a tribute to Sergio Leone. It’s a movie that contains humor, lots of action, but also a great plot. We have already been signed by a dozen people who will be part of project. Among the filmmakers involved include Quentin Tarantino , Keith Carradine, Treat Williams, fifteen people in all Americans who want to do this movie and so we are trying to produce it outside of Italy.”
AICN was quick to follow up on that story, confirming the spaghetti western part, adding the Christoph Waltz part, and noting that the title is definitely not The Angel, The Bad and The Wise, so you can still use that for your prog-metal album title. Tarantino reps have since responded as well, but only to discredit rumors this is an adaptation of Elmore Leonard's 40 Lashes Less One (which was a rumor, I guess) and explain that Tarantino is "still writing" whatever it is. Don't forget the violence, pop culture, and ladyfeet, QT.