Though the Daily Telegraph previously reported that "Pride and Prejudice" director Joe Wright would direct Keira Knightly as cockney flower seller Eliza Doolittle, Variety states that the deal has not been officially sealed.

This leaves the central roles of Eliza Doolittle and Professor Henry Higgins again open for speculation. A Steady Rain's Daniel Craig was also rumored to co-star. "My Fair Lady" is produced by Cameron Mackintosh and Duncan Kenworthy.

As previously reported, the creative team intends to film on location in London to give the film an authentic feel. According to a previous statement, producers hope to "dramatize as believably as possible for present-day audiences the emotional highs and lows of Eliza Doolittle as she undergoes the ultimate makeover, transforming under the tutelage of Professor Henry Higgins from a Cockney flower girl to a lady."

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.