"Call Me by Your Name" helmer Luca Guadagnino will direct the untitled film, according to The Hollywood Reporter.
The project, which went on the market right before the Fourth of July weekend, has sparked a bidding war among several major studios, namely Universal, Paramount and TriStar.
"Swan Lake", composed by Pyotr Ilyich Tchaikovsky, follows Odette, a princess who is turned into a swan by an evil sorcerer's curse.
The new take will reportedly not involve any ballet but would be a tentpole film based on the story told in the ballet.
The film earned its leading actress, Natalie Portman, an Academy Award and a Golden Globe Award in 2011.
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