Though the studio originally wanted Hugh Grant for the role, Sony would now like The King's Speech star and Oscar nominee Colin Firth to play the professor, reports the Daily Mail.
Meanwhile, Carey Mulligan (An Education) is rumoured to take the role of Miss Eliza Doolittle. Mulligan is currently set to play Daisy Buchanan in Baz Luhrmann's The Great Gatsby, but as My Fair Lady is not expected to start shooting until May 2012, the actress could plausibly be involved in both films.
The original My Fair Lady starred Audrey Hepburn as Eliza Doolittle and Rex Harrison as the professor. The remake will be directed by Shakespeare In Love helmer John Madden.