Oscar-nominated "Call Me by Your Name" director Luca Guadagnino will be helming the project, with Mara producing and 'The Giver' co-writer Michael Mitnick penning the script, reports variety.com.

Though plot details are being kept under wraps, Hepburn is an acting legend celebrated for her performances in classics like 'Breakfast at Tiffany's', 'My Fair Lady', 'Wait Until Dark', 'Charade' and 'Sabrina'.

During her four-decade career, Hepburn achieved EGOT status, winning Emmy, Oscar, Tony and Grammy awards, the last of which she received posthumously.

Mara has won the Cannes Film Festival Award for Best Actress and received a nomination for the Academy Award for Best Supporting Actress.