It seems he may be 'coming back' to Hollywood. He's currently on a hit show. This one has some star power in it so it may become a big feature film. If so, it will be Josh's first in quite some time. Currently it's just an indie, but it's headed by James Franco who's on fire right now. All this needs is a major studio to buy it up and promote it.
i doubt a major studio is interested. this is an adaptation of a william gay novel. it's the fourth "southern fiction" novel adapted by james franco (the others being as i lay dying, the sound and the fury, and child of god).
i love this genre of literature but these movies have garnered little interest or praise. most studios are likely to view this as a vanity project without any marketability.
frankly i wish these movies weren't being made because i think these adaptations lessen the odds of a more experienced team making them in the future.
anyway, i wouldn't view this as a "comeback" it's a small side project for johs hartnett and won't be widely viewed