Emily Blunt and Jason Segel are in talks to join Jack Black in Rob Letterman’s updated version of “Gulliver’s Travels" for 20th Century Fox.

The story is a famous one: a writer named Lemuel Gulliver (Black) travels to Bermuda for an assignment and discovers a hidden island with tiny inhabitants.

According to Variety, Blunt would star as a Lilliputian princess and Gulliver's love interest. Segel will play Horatio, the main character's best friend who helps him escape from Liliput.

If Blunt decided to join this project, her possible involvement in "Iron Man 2" may be in jeopardy. As you may recall, Blunt was recently offered the role of Soviet spy Natasha Romanoff in Jon Favreau's sequel.

If she took on that role as well, her schedule may pose a problem because "Gulliver" is set for a March shoot and "Iron Man 2" will head into principal photography in early April, according to the trade.

Nicholas Stoller, director of "Forgetting Sarah Marshall, wrote the script for "Gulliver's Travels" with Joe Stillman.

Segel will next be seen alongside Paul Rudd in "I Love You, Man." Blunt will soon be seen alongside Amy Adams in "Sunshine Cleaning."