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UPDATE: AICN is reporting some more details about this project, and all of them are pretty damn awesome. Starting off with a confirmation that the project will be Tarantino's next directorial effort, the site says that the title is 100% incorrect. While they couldn't confirm the involvement of Franco Nero, Treat Williams and Keith Carradine, they are saying that Christoph Waltz - who earned an Oscar working with Tarantino in Inglourious Basterds - will be back working with the director.
Merely saying someone will be involved in a movie gives almost no information whatsoever. That could mean director, producer, script writer, consultant or even money man. That being said, there are certain names in Hollywood whose mere tacit acceptance of a project is enough to generate excitement. Quentin Tarantino is one of those names. Apparently, the opinionated and affable director will somehow be involved in Italian actor Franco Nero's next film, and it's a Spaghetti Western.
According to The Playlist, translating from Movie Player, the project in question is a Western homage to Sergio Leone. Titled The Angel, The Bad And The Wise, it'll include some involvement from not only Tarantino but also Treat Williams and Keith Carradine. Beyond that, almost nothing is known, apart from the fact that it will be financed and executed outside of Italy.
If I had to wager, I would say Quentin Tarantino will not be directing this picture. If he were, that would have been the first thing out of Franco Nero's mouth. There are few faster ways to pick up financing than by trotting out the Kill Bill director's signature. Still, whatever his involvement ends up being will likely mean more interest, more revenues and hopefully, a better result.