The 23-year-old 'Harry Potter' star has previously worked with Coppola in 'The Bling Ring', reported MTV.
"Sofia wants Emma, and the pair have such a respect for each other, it would be very surprising if they carry on without each other," a source said.
"Movie companies Universal and Working Title want to move quickly on this so expect an announcement soon," the source added.
Tim Burton is apparently working on the script for the film, which is likely to be a dark, adult take on the classic fairytale.
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