Claire McCarthy is directing the project, which is an adaptation of Lisa Klein’s YA novel.
Covert Media is financing the film that’s being produced by Daniel Bobker, Ehren Kruger and Sarah Curtis. Covert is handling international rights.
CAA, which packaged and arranged the financing, will represent the movie’s U.S. rights. Domestic and international rights will be sold at this month’s Cannes Film Festival.
While Shakespeare’s “Hamlet” focused on the Danish Prince seeking revenge on those who murdered his father, this new retelling spotlight Ophelia, the daughter of Claudius’ chief advisor who falls for Hamlet. Ridley will play the title character while Watts will portray Queen Gertrude.
Ridley has been busy building a slate of films to follow the next installment in the “Star Wars” series, which she’s currently shooting. She most joined the J.J. Abrams-produced “Kolma,” as well as “The Lost Wife,” which is also shopping its rights at Cannes.
Watts was most recently seen opposite Jake Gyllenhaal in “Demolition” and also has Colin Trevorrow’s “The Book of Henry” bowing later this year.
Both Watts and Ridley are repped by CAA.