Sandra Bullock and Ryan Reynolds Reunite for "Most Wanted"

Ryan Reynolds and Sandra Bullock arrive at the MTV Movie Awards on Sunday May 31, 2009, in Universal City, Calif.
AP Photo
Ryan Reynolds and Sandra Bullock on May 31, 2009. (AP)

NEW YORK (CBS) Fans of "The Proposal" are in for a treat. Oscar-winning actress Sandra Bullock and actor Ryan Reynolds are set to recreate movie magic once more.

They will join forces once again for "Most Wanted," an action-comedy feature that was sold to Universal Pictures this weekend. 

PICTURES: Sandra Bullock

Anne Fletcher, who directed last year's box office hit "The Proposal," is in negotiations to helm the project along with the film's creative team of writer Pete Chiarelli and producers David Hoberman and Todd Lieberman.

The story follows Bullock, 45, as a fugitive woman with Reynolds, 33, as an agent who is supposed to be handling her, according to the Hollywood Reporter. The feature film is suggested to have the same premise as that of Universal's 1988 action comedy "Midnight Run" which starred Robert De Niro and Charles Grodin. Universal is creating a sequel to "Midnight Run."

Disney was first to get pitched the project, asit was the company behind "The Proposal" via its Touchstone label in June 2009. The movie grossed more than $317 million and was a part of Sandra Bullock's comeback year. The Hollywood Reporter also added that Disney is de-emphasizing Touchstone and has undergone company restructuring - leaving the pitch for "Most Wanted" open to new offers. Hence, the project being nabbed by Universal.

Reynolds will also executive produce the project along with his Dark Trick Films partner Jonathon Komack-Martin.