Though Paul Thomas Anderson may be revered as one of the greatest working filmmakers of our day, his films have rarely been profitable. At best his films do a little better than break even (many don’t even do that), which makes it that much harder for the director to get his projects going. Recently, Anderson struggled to find financing for The Master until Megan Ellison stepped in. But it looks like things are going a little better with his next project, Inherent Vice, as Warner Brothers will now be handling the film, and shooting will start this month.

This news comes from the Anderson-centric website Cigarettes & Red Vines, who note that Joaquin Phoenix will once again work with Anderson as the lead in his adaptation of the Thomas Pynchon novel. Also back in the fold is cinematographer Robert Elswitt, who couldn’t shoot The Master because he was working on Mission: Impossible – Ghost Protocol.

They also note that the movie will be shot on 35mm film — not video, or 70mm as was the case with much of The Master – and that none of the supporting roles have been set yet in Pynchon’s 1960′s-set tale of stoner private eye Doc Sportello, which very superficially makes it sound like Robert Altman’s The Long Goodbye. With a May start, the film would really have to push to be ready for a winter release, and is it looks like Warner Brothers’ only Oscar picture is Gravity it is possible. We’d bet on a Cannes launch, though, which means we’d see the film either next May or sometime in September of next year.

Are you excited for a new PTA film?