Sir Ridley Scott is to produce an adaptation of the legend of Tristan and Isolde which will be filmed in Prague, according to reports.
Sir Ridley was knighted in the New Year's Honours list
The British director and producer's company Scott Free is co-producing the project, which will be directed by Kevin Reynolds, Screen Daily said.
Reynolds' previous movies have included The Count of Monte Christo and the universally-panned Waterworld, starring Kevin Costner.
The film, which will go into production in August, is based on the medieval tale of Irish princess Isolde who falls in with the nephew of the king she is betrothed to after drinking a love potion.
She marries the king but cannot forget his nephew Tristan, who is also pining for the princess. They are finally reunited in death.
James Franco, who starred as Harry Osborn in Spider-Man, has joined the cast.
The Arthurian legend has been retold many times and Richard Wagner's music is a classical and ballet favourite.