Margot Robbie, Elizabeth Banks team up for 'Paper Bag Princess'

Hollywood A-listers Elizabeth Banks and Margot Robbie are teaming up for the big screen adaptation of modern children's book classic 'The Paper Bag Princess'.

According to The Hollywood Reporter, Robbie, who is co-producing the project with Banks, may appear in the film, while the latter will be directing it.

The 'Set It Up' director, Katie Silberman is attached to write the screenplay.

Published in 1980 with the art by Michael Martchenko, the book with the same name told the story of a princess ready to marry her perfect Prince Charming when a dragon attacks the kingdom, kidnaps the prince and burns the castle.

With no clothes left to wear, the princess dons a paper bag and sets out to vanquish the dragon. When she saves the prince, he ungratefully admonishes her for not looking like a princess. The girl then call him a "bum," ditches him and dances into the sunset alone.

Alison Small will oversee the project for Brownstone and act as an executive producer.

Vice president of production Sara Scott will oversee the project on behalf of Universal.