The period drama, to be produced by Mandeville, is based on Tupperware Unsealed, a non-fiction book written by Bob Kealing, said the Hollywood Reporter.
Taylor has been in talks with Bullock for sometime and she expressed her desire to do the film, but no official confirmation has been made yet.
The story revolves around Earl Silas Tupper, who developed Tupperware, and sales executive Wise who made it popular through kitty parties.
Wise was as popular as the product and was first woman to appear on the cover of Business Week.
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