Carey Mulligan is reportedly in negotiations to play Eliza Doolittle in the remake of My Fair Lady.

The 24-year-old actress - who has been nominated for a Best Actress Oscar for her role in An Education - is believed to be in talks with the producers of the upcoming musical movie after fellow British starlet Keira Knightley ruled herself out of the role last month.

“The actress has not been formally offered the part yet - and won’t be until Columbia Pictures agrees the film’s budget,” Daily Mail columnist Baz Bamigboye said. “Carey and the My Fair Lady filmmakers will keep talking until a deal can be struck.”

The role of Eliza was first made famous by screen legend Audrey Hepburn in the original film, in which London flower girl Eliza becomes a lady after meeting and falling in love with Professor Henry Higgins.

Following her meetings with producers Duncan Kenworthy, Cameron Mackintosh and John Madden, Carey has even been having singing lessons to help perfect her portrayal of the character in preparation.

While movie bosses are almost settled on their lead actress, they are having a difficult time finding the perfect actor to portray Professor Higgins. It is believed Mamma Mia‘s Colin Firth is currently being considered for the role, despite being unable to sing.