The new version will use the original Lerner and Loewe songs of the much-loved Broadway show, and will not alter its Edwardian London setting, Columbia Pictures co-presidents Doug Belgrad and Matt Tolmach said Friday.

The producers plan to shoot much of the new film on location in the original London settings of Covent Garden, Drury Lane, Tottenham Court Road, Wimpole Street and the Ascot racecourse.

They will also look to adapt Alan Jay Lerner's play more fully for the screen by drawing additional material from "Pygmalion" -- the George Bernard Shaw play that served as the source material for the musical -- to cater to present-day audiences.

"'My Fair Lady' is not just the quintessential stage musical and classic film, but a fantastic story," Belgrad said.

The original Broadway musical, with dialogues and lyrics by Alan Jay Lerner and music by Frederick Loewe, was first staged in 1956. It starred Julie Andrews, making her a star, and won the Tony Award for best musical.

Hollywood then adapted it for the screen in 1963. Directed by George Cukor, with Audrey Hepburn playing Eliza, a flower girl transformed into a high-society lady by a phonetics professor, the film won eight Academy Awards, including Best Picture, Best Director and Best Actor.

"With 40 years of hindsight, we're confident that by setting these wonderful characters and brilliant songs in a more realistic context, and by exploring Eliza's emotional journey more fully, we will honor both Shaw and Lerner at the same time as engaging and entertaining contemporary audiences the world over," said producer Duncan Kenworthy.

The casting of Eliza is crucial, he said. "We are currently in discussion with a major international star to play the role."