Reese Witherspoon has joined the cast of "Downsizing."

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The 38-year-old actress will star alongside Matt Damon in the new Alexander Payne satire. Witherspoon previously collaborated with Payne on "Election" (1999), and the director is also known for "Sideways" (2004), "The Descendants" (2011) and "Nebraska" (2013).

"Downsizing" follows a man (Damon) who decides to shrink himself in a world characterized by over-consumption. Payne and "Sideways" co-writer Jim Taylor penned the script, with Payne, Taylor and Jim Burke as producers.

Witherspoon last appeared as Cheryl Strayed in an adaptation of the author's memoir, "Wild." She will star with Joaquin Phoenix and Josh Brolin in new Paul Thomas Anderson film "Inherent Vice" on Jan. 9.

Damon most recently portrayed Mann in Christopher Nolan sci-fi drama "Interstellar." The actor is scheduled for new Ridley Scott movie "The Martian" with Jessica Chastain and Kate Mara, and confirmed for a new Jason Bourne sequel.