The project will be a live-action retelling of the fairytale and classic Disney movie Sleeping Beauty from the point of view of the villain. According to Twitch, Fanning is currently finalising deals to play the princess in the story.
Angelina Jolie has confirmed that she has signed on to play the titular role, which she had long been campaigning for.
Robert Stromberg, known for his visual effects work on Pirates of the Caribbean, will be making his directorial debut on the film.
14-year-old Fanning is currently filming Bomb, a film about two teenage girls in 1960s London.
She recently starred alongside Matt Damon in the comedy We Bought A Zoo.
Shooting on Maleficient has been earmarked to begin this June in London.
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Watch Elle Fanning in a trailer for We Bought A Zoo below: