The project, "The Reincarnation of Peter Proud," is a remake of a 1973 novel by Max Ehrlich, which had been made into a movie in the mid-1970s on an adaptation by Ehrlich himself. The plot follows a college professor trying to make sense of disturbingly realistic dreams, only to find out they are memories of a past life.
Apart from the original SE7EN creative team, Fincher and Walker, Michael De Luca is on board producing with Fincher. Since Fincher is involved in shooting THE SOCIAL NETWORK right now, there is no news so far as to when this new project will move forward or even go into production.
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