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The Catherine Hardwicke-directed picture will reinvent the Brothers Grimm tale, casting Seyfried as a woman in a medieval village fending off a werewolf.
Fernandez, who auditioned for Hardwicke when she was making Twilight, has been cast as Peter, an orphaned woodcutter who is the romantic interest for Seyfried's character.
Leonardo DiCaprio is producing Warner Bros's Red Riding Hood through his Appian Way firm.
