Keira Knightley

The news comes from the UK's Telegraph citing the film was announced at the Cannes Film Festival and will be made on a budget of $35 million and will feature epic battle sequences, according to its makers.

As the "Telegraph" points out Lear is also making his way to the UK's Channel 4 this Christmas, based on the recent and highly acclaimed Royal Shakespeare Company production starring Sir Ian McKellen as Lear and Romola Garai as Cordelia. McKellen stars along with Romola Garai as Cordelia.

"King Lear" tells the story of Lear, the aging king of Britain, who is stepping down from his thrown and will divide his kingdom among his three daughters; Goneril, Regan and Cordelia. He tests his daughters asking them to put their love for him into words and while Goneril and Regan give flattering answers, Cordelia says nothing giving reason that words cannot describe how much she loves her father. Despite being Lear's favorite daughter, he is outraged and Cordelia is banished. Cordelia ultimately marries the king of France despite the fact that she brings with her no land, which is when Lear realizes his tragic mistake, but it just might be too late.