Back in July, we reported that Guillermo Del Toro was eyeing Emma Watson to star in his live-action version of Beauty and the Beast. Now Variety is reporting that the film has been green-lit at Warner Bros., with both Watson and Del Toro on board.

According to Variety, Watson is in the final stages of negotiations for the role of Belle, which will most likely film when she completes Your Voice in My Head with David Yates.

Beauty and the Beast is a new, live-action take on the classic story from scribe Andrew Davies (Bridget Jones’s Diary). Del Toro is expected to begin work once he completes work on Pacific Rim for Warner Bros.

We’ll be sure to keep you all updated as more news of this project is revealed. Are you excited to see Watson and Del Toro tackle this classic material?