So much for Francis Ford Coppola finishing out his career with personal little indie films.
In a recent interview with EW (regarding the release of a five-film Blu-ray set due out this month), Coppola revealed that he has secured major financing from "a secret investor" with "infinite resources" to make an ambitious movie set in New York City between the 1920s and '60s. Coppola knows what you're thinking, and you can forget it: this isn't a GODFATHER movie. And it's obviously not MEGALOPOLIS, as that was to be set in the future.
As of right now, he has a first draft and is ready to cast. He will have an office on the Paramount lot beginning next year, so it seems likely that he'll shoot the film there. As for who's financing, The Playlist wisely speculates that it could be David Ellison, who was involved in the financing of M:I4, JACK REACHER and TRUE GRIT - all Paramount movies).
Coppola states that "movies are big in proportion to the period." I have no idea what he's getting at, but the thought of him taking another crack at a big, classic studio movie makes me so very happy. Best of luck, sir.