Paramount has had "Ness", the story of Cleveland's infamous Torso serial killer from the 1930's, on its roster since 2006. However, the studio has allowed the rights option on the film's underlying graphic novel, "Torso", to lapse, leaving the film project in a state of limbo.

Oscar-nominated director David Fincher was to head up the project, which had captured the interest of big-name Hollywood celebrities including Casey Affleck and Matt Damon.

The "Torso" graphic novel was written by Brian Michael Bendis and Mark Andreyko. It told the story of Elliot Ness' investigation into the real-life 1930's Cleveland Torso Murderer, and was to be adapted by Fincher into a film tentatively titled "Ness."

Last month Paramount's ability to extend the rights option as a part of their original deal expired. At this point the studio would have been required to purchase the rights outright to retain them. The asking price was apparently too high for Paramount, who declined to pay up. The rights have since reverted back to the graphic novel's writers.

Although Paramount still owns the rights to the screenplay, which was adapted by Ehren Kruger, they are now in discussions to potentially strike a new option agreement with the writers.

The Hollywood Reporter points out that given that the "Ness" story line is based on real-life events, a public-domain version of it could be developed using similar material. However, considering the legal battle Warner Bros. and Fox had over "Watchmen", Paramount isn't likely to take such a big risk.

Fincher has expressed that he is eager to see the project to fruition, and indicated that he was confused as to why Paramount would pull back on it. However, considering the staff and films shed at Paramount last year, its not all that surprising that they'd fail to commit to another big budget film at the close of the year. Fincher, afterall, isn't known for working on a small budget. His last film, "The Curious Case of Benjamin Button" rang in at the $150 to $174 million range.

So while the future looks uncertain for "Ness", it's not yet been completely written off. The story of the serial killer that ran rampage on the city of Cleveland in the 1930's might yet make it to the big screen, one day.