British actress Keira Knightley is reported to be in negotiations regarding starring in a contemporary update of Lerner and Loewe’s 1964 classic musical “My Fair Lady.”

“My Fair Lady” was first staged in 1956 featuring Julie Andrews and Rex Harrison.

Audrey Hepburn and Harrison starred in the Oscar-winning George Cukor-helmed film.

Hepburn played Eliza Doolittle, the Cockney girl transformed by Professor Henry Higgins, an Oscar-winning performance by Rex Harrison.

The remake will be a coproduction of Broadway legend Cameron Mackintosh (Cats, Les Misérables, The Phantom of the Opera), Duncan Kenworthy (Four Weddings and a Funeral, Notting Hill, Love Actually) and CBS Films, which owns the rights to the musical.

Columbia Pictures will distribute the movie.

It appears that Kenworthy and Mackintosh plan to shoot in real London locations as opposed to Warner Bros. soundstages.

“People everywhere will fall in love again with Lerner and Loewe’s miraculous songs set in a big, gorgeous film with contemporary stars, a more realistically achieved vision of Edwardian London, and a touch more Pygmalion at the heart of this powerful story of a girl's transformation,” Mackintosh said, quoted by E! online. “The classic story of a flower girl transformed into an instant sensation couldn't be more timely in a contemporary world obsessed with overnight celebrity,” he added, according to the same source.

Beautiful Knightley recently finished work on the drama ‘The Duchess’, about The Duchess of Devonshire, which is due for release in September.