Universal Pictures has optioned rights to The Paper Bag Princess, the 1980s children’s book written by Robert Munsch and illustrated by Michael Martchenko that has sold more than 10 million copies. The planned live-action movie adaptation will be penned by Katie Silberman and is set to serve as a directing vehicle for Elizabeth Banks.

The book is a female-empowerment tale of sorts that follows a princess who loses her worldly possessions to a dragon, including her beloved prince, and sets out to find them both, with unexpected results after his rescue.

Banks and Max Handelman will produce via their Universal-based Brownstone Productions (Universal’s Pitch Perfect franchise) alongside Margot Robbie and Tom Ackerley for LuckyChap Entertainment, Bryan Unkeless for Clubhouse Pictures, and Dan Krech.

Universal’s VP Production Sara Scott will oversee.