According to The Hollywood Reporter, Robbie, who is co-producing the project with Banks, may appear in the film, while the latter will be directing it.
Published in 1980 with the art by Michael Martchenko, the book with the same name told the story of a princess ready to marry her perfect Prince Charming when a dragon attacks the kingdom, kidnaps the prince and burns the castle.
With no clothes left to wear, the princess dons a paper bag and sets out to vanquish the dragon. When she saves the prince, he ungratefully admonishes her for not looking like a princess. The girl then call him a "bum," ditches him and dances into the sunset alone.
Alison Small will oversee the project for Brownstone and act as an executive producer.