According to EW.com, Mulligan, who has been reported to play Eliza Doolittle in the new film, told reporters "My Fair Lady" had "gone away for a little while." However, Sony confirmed to EW that "the studio actively continues to develop the film."

Academy Award-winning actress Emma Thompson, who is writing the screenplay for the remake, had previously stated that Mulligan was set for the role.

Cameron Mackintosh and Duncan Kenworthy are producing the film that is aiming to shoot at locations throughout London.

My Fair Lady is based on George Bernard Shaw's Pygmalion and features a book and lyrics by Alan Jay Lerner and music by Frederick Loewe. The original Broadway production opened on March 15, 1956, ran for over six years and won nine Tony Awards, including one for Best Musical. The score contains such Broadway classics as "I Could Have Danced All Night," "On the Street Where You Live," "Wouldn't It Be Loverly?" and "Get Me to the Church on Time."

The musical was adapted for the screen in 1963, directed by George Cukor, and cast Audrey Hepburn as Eliza and Rex Harrison as Higgins. The film won eight Academy Awards, including Best Picture, Best Director and Best Actor.