Academy Award winner Helen Mirren, according to the Hollywood Reporter, will star in the film as Prospera (a gender-bending take on the role of Prospero, which is usually played by a man). Mirren's co-stars will include Oscar winner Jeremy Irons as well as Djimon Hounsou, Russell Brand, Alfred Molina, Ben Whishaw and Felicity Jones. Geoffrey Rush is currently in negotiations to join the starry company. The film, according to the industry paper, will "center around Prospera, her daughter Miranda (Jones) and a shipwrecked crew full of Prospera's enemies."

The Miramax film will likely begin shooting in November in Hawaii.

Tony Award winner Julie Taymor is best known for designing and directing the Disney hit The Lion King. Her film credits include "Titus" and "Frida." She is currently at work on a Broadway musical version of Spider-Man.

Helen Mirren won an Academy Award, Golden Globe, SAG, BAFTA and Critic's Choice awards for "The Queen"; Emmy, Golden Globe and SAG Awards For HBO's "Elizabeth I"; and received a Golden Globe nomination for PBS' "Prime Suspect: The Final Act," which had previously won her an Emmy and three BAFTA Awards. Her many stage credits include Broadway productions of Dance of Death and A Month in the Country.