Is Keira Knightley Your New Fair Lady?

Keira Knightley by Mike Marsland/WireImage.com
Keira Knightley is close to signing on to play Eliza Doolittle - the simple flower girl transformed into a refined lady - in an update of the London-based classic
My Fair Lady.
Producers of the film - which include British theater producer
Cameron Mackintosh - plan to adapt Alan Jay Lerner's orignal story more fully by drawing upon George Bernard Shaw's play
Pygmalion, from which
My Fair Lady is heavily influenced.
Producers also plan to shoot at specific locations in London described in the story, set in 1912.