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Really, Hollywood? You’re giving us another remake? Great.

This time, Columbia Pictures is tackling the Audrey Hepburn classic My Fair Lady, the story of a flower girl’s transformation to fit in high society under the guidance of a snobby professor.

My Fair Lady itself was actually based off George Bernard Shaw’s play Pygmalion, although it did stray from the original story a bit. In what I think is a good move on Columbia’s part, the new film will closely follow the story of Pygmalion, rather than base itself off the first movie version. This should help create some distinction between the two movies, rather than the new film just feeling like a knock off.

The film won’t be updated from its original setting, but will still take place in 1912 London and feature the same London locations.

Several directors have already been considered to take on the project, including Danny Boyle, Baz Luhrmann and Stephen Daldry, but now John Madden is in talks to direct My Fair Lady.

No cast is tied to the film yet, but rumor is that Keira Knightley could end up playing the lead role of Eliza Doolittle.

Duncan Kenworth will produce the film with London legit maven Cameron Mackintosh. CBS Films, which owns the film rights to the Lerner and Loewe musical, will co-develop.