According to THR, Refn will direct The Neon Demon with plans for shooting to begin next spring. Refn will co-write the script with Mary Laws, who has apparently replaced playwright Polly Stenham who was attached to the film previously. Details on the plot aren't really available yet but the story will bring Refn back to Los Angeles, and he's clearly jazzed about it...
Refn: "One morning I woke and realized I was both surrounded and dominated by women. Strangely, a sudden urge was planted in me to make a horror film about vicious beauty. After making Drive and falling madly in love with the electricity of Los Angeles, I knew I had to return to tell the story of The Neon Demon."
Refn will reteam with Cliff Martinez on the score, while Philippe Le Sourd, who did amazing work on Wong Kar Wai's The Grandmaster, will be his cinematographer. Mulligan isn't mentioned in the report and she may have moved on, or Refn is keeping her involvement a secret. Hopefully it's the latter.