Word has it Emma is involved in a remake of the classic musical My Fair Lady. It will include Lerner & Loewe’s musical score and will draw more material from Shaw’s Pygmalion.

“I’ve been hired to write a new screenplay for My Fair Lady, based on the foreword and afterword of Shaw’s Pygmalion—different from the musical and not as sweet an ending.”
“I’m a Luddite, and I write longhand with an old fountain pen. There is a connection between the brain and the arm and the pen.”

Rumoured to play Eliza Doolittle and Henry Higgins respectively are Keira Knightley and Daniel Day-Lewis, but Scarlett Johansson and Hugh Laurie have been mentioned too.
According to this article, Emma has started working on the script last year. The film is set for a 2010 release and will be shot on locations in London.