Columbia Pictures is readying up a My Fair Lady remake, with Keira Knightley in talks to star as the simple girl who is transformed into a lady, according to Variety.

The film is being produced by Duncan Kenworthy ("Love Actually", "Notting Hill") and Cameron Mackintosh.

While it's being called an update, the film will use the tuner's score and retain its 1912 setting. Where possible, Kenworthy and Mackintosh intend to shoot the film on location in the original London settings of Covent Garden, Drury Lane, Tottenham Court Road, Wimpole Street and the Ascot racecourse.

The filmmakers plan to adapt Alan Jay Lerner's book more fully for the screen by drawing additional material from George Bernard Shaw's play "Pygmalion," which served as the source material for the musical. The goal is to dramatize the emotional highs and lows of Doolittle as she undergoes the ultimate metamorphosis under the tutelage of Professor Henry Higgins.

No production date has been set.