Directors such as Danny Boyle, Baz Luhrmann and Stephen Daldry have all been linked to the film, but Madden, who directed Shakespeare in Love, will likely take over behind the camera.
Madden is currently negotiating with Columbia Pictures. If he and the studio come to an agreement, he will begin searching for the film’s stars.
For the role of Eliza Doolittle, a girl from modest means who transforms into a refined lady, may be played by Keira Knightley, though this has not been confirmed.
The remake is being produced by Duncan Kenworthy (Love Actually, Notting Hill) and Cameron Mackintosh. CBS Films will also be co-developing the project. This new version will be closer to the work of Allan Jay Lerner and George Bernard Shaw’s musical Pygmalion than the 1964 film starring Audrey Hepburn.
According to Variety, the film will again take place in London in 1912.
At the moment, John Madden is wrapping up The Debt, starring Sam Worthington and Helen Mirren. The film will open in theatres on February 19.