The 30-year-old actress, who took home the Best Supporting Actress trophy for her part in 'Les Miserables' at the Golden Globes, will reprise the role of Taylor's Katherina in mid-20th century Italy, reported Daily Star.
Abi Morgan, the scriptwriter behind 'The Iron Lady' and 'Shame', will also be working on the project along with 'Les Miserables' producer Debra Hayward.
Heath Ledger and Julia Stiles previously starred in a modern adaptation of Shakespeare's popular tale, 1999 teen classic '10 Things I Hate About You', which was also based on the play.
