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According to Variety, the actress will take the role of the title character's nanny.
The Handmade Films production is based on Kay Thompson's children's books, which are illustrated by Hillary Knight.
The screenplay was written by Charles Shyer with his daughter Hallie Meyers-Shyer and Larry Spencer. Shyer, who will also direct, is currently looking for a young actress to play the lead role.
Producers hope the movie will be the first of a series about the precocious heroine, with a follow-up already believed to be in development.
Shooting will begin in London, Paris and New York in June.
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