By Francisco Salazar (staff@latinospost.com) | First Posted: May 02, 2013 01:49 PM EDT

Paul Thomas Anderson will begin filming his next movie "Inherent Vice"  next month.

Cigarettes and Red Vines is reporting that Anderson will reunite with Joaquin Phoenix for "Vice" after the two worked together on "The Master." The new film's story is set in 1960s Los Angeles and follows the drug-fueled detective Larry "Doc" Sportello as he investigates the case of a kidnapped girl. 

Anderson will also reunite with his cinematographer Robert Elswit and plans on shooting on 35mm.The director previously worked with Milhai Malaimare for "The Master" and shot on 70mm film.

Warner Bros, which is coming off an Oscar win with "Argo," will finance the film. It will mark Anderson's first Studio film since "Punch Drunk Love" for Sony Pictures. He also worked with New Line on "Boogie Nights"and "Magnolia." The company has since been bought by Warner Bros. It was also reported that AnnaPurna pictures, which financed his last film "The Master," will not participate on the project.

Anderson's critically acclaimed film "The Master" received three Academy Awards for Best Actor (Phoenix), Best Supporting Actor (Phillip Seymour Hoffman) and Best Supporting Actress (Amy Adams). Anderson also directed the 2007 film "There Will Be Blood" which won two Oscars for Best Actor (Daniel Day-Lewis) and Best cinematography (Elswit). Anderson was also nominated for Best Director and Best Adapted Screenplay for his work on 'There Wll Be Blood."

Phoenix last starred in "The Master" and "Reservation Road." He is slated to grace the Red Carpet at Cannes where his new film "Blood Ties" will premiere; the film also stars Marion Cotillard, and Jeremy Renner. Phoenix was also seen in Spike Jonze's "Her" with Adams and Rooney Mara. The thespian has also appeared in "We Own the Night," "Gladiator" and "Walk The Line."

The film is slated to be released in 2014 and is rumored to also star Charlize Theron.

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