The dark comedy is a deviation for the director, who is best known for his intense dramas like 'Amores perros', '21 Grams', 'Babel' and 'Biutiful'.
'Birdman' follows the story of a former actor as he mounts a Broadway play based on a Raymond Carver short story. However, the play's egotistical leading man threatens to throw everything down the tubes.
The film is being made by Fox Searchlight and New Regency, the Hollywood Reporter said.
Keaton plays the comic book movie star trying to regain his credibility through the play.
The director is yet to cast the leading man and the ex-wife.
Inarritu co-wrote the script with Nicolas Giacobone, Alexander Dinelaris and Armando Bo. He is producing with Robert Graf and John Lesher. An early April production start is being eyed.
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