From Matt Howe's Barbra Archives

Streisand Directing By Year's End

Deadline is reporting that Barbra Streisand will direct her version of the Margaret Bourke-White/Erskine Caldwell love story. Deadline says “casting is underway with an eye to shoot before the end of the year. Streisand is currently overseeing the screenplay for the project. She had previously sought to film the story, but that production did not come to fruition. This is a new take.”
Behind the scenes, Deadline says “Mark Manuel’s Kilburn Media will finance the film and Aldamisa will handle worldwide sales. Aldamisa’s president of international sales & aquisitions, Nadine de Barros, will serve as a producer.”
I have no idea what this means for Gypsy ... although it looks like the Bourke-White love story will be Streisand's next project, as she is concertizing in Europe in June.
UPDATE 4/5/13: The Independent's story on Stephen Sondheim (lyricist for Gypsy) has the following tidbit: Barbra Streisand, meanwhile, remains committed to a fresh screen take on Gypsy...
It's also interesting that Deadline does not mention the Skinny and Cat title (the previous script about Bourke-White that Streisand had worked on) nor Cate Blanchett's involvement (she was previously announced as attached to the Skinny and Cat project.)