EXCLUSIVE: Matt Damon will star in Downsizing, the next film from Alexander Payne. I’m told that Damon will take on this film, which is set at 2oth Century Fox, and that it knocks him out of the China-set Legendary Pictures epic The Great Wall, which will be helmed by Zhang Yimou. Downsizing was scripted by Payne with Jim Taylor, with whom Payne shared the adapted screenplay Oscar for Sideways. They are partners in Ad Hominem Enterprises, and their scripting collaborations also include About Schmidt.

Details on this project aren’t plentiful, but here’s a logline: Pic is a social satire in which a guy realizes he would have a better life if he were to shrink himself. Payne most recently directed the superb Nebraska.

Next up for Damon is the Ridley Scott-directed The Martian, and he also is back in the loop with Universal and Paul Greengrass for another installment of The Bourne Identity. Damon’s repped by WME, Payne by CAA.