"The Paper Bag Princess", written by Robert Munsch and illustrated by Michael Martchenko, been reprinted over 90 times and selling over 10 million copies since the book's publication in 1980.

The Paper Bag Princess reverses the stereotypical princess and dragon story and won critical acclaim from feminist's organisations when it was released.

Universal bought the rights to the book after a bidding war. Banks is likely to direct The Paper Bag Princess and Robbie could feature in an acting role in the film alongside her producing credit. Writer Katie Silberman has been selected for writing the screenplay. The film will be produced under the banner of Brownstone Productions with Max Handelman.

The Paper Bag Princess is going to be making the leap to the big screen and there's significant star power shepherding her cinematic arrival. She calls him a "bum", leaves him and dances off into the sunset.

The best-selling book has earned praise for its reversal of gender stereotypes and its female empowerment message.

Universal Vice President of Production Sara Scott will oversee the project for the studio.

The film marks a continued push by Banks to tell more stories about strong female characters and put more women in roles in front of and behind the camera.

Banks is represented by UTA, Untitled Entertainment, and Ziffren Brittenham LLP. Bryan Unkeless from Clubhouse Pictures and Dan Krech are also listed as producers. Robbie and LuckyChap are represented by CAA, Management 360, and attorney Jeff Bernstein. Kate Silberman, who wrote Newsworthy and the upcoming Rebel Wilson comedy Isn't She Romantic, will pen the script.