“Twilight” thesp Jackson Rathbone and Blighty’s Bill Nighy are both in advanced negotiations to star in a 3D feature adaptation of horror scribe Peter Straub’s “Shadowland.”

Pic, which is based on just one of the scribe’s bestselling novels, follows two young boys who spend a summer with a famous magician, who teaches them more than just harmless tricks but real sorcery.

“Shadowland 3D,” which will be shot in Ireland and the U.K. for under $20 million, marks the first project in a collaborative arrangement with Straub and Santa Monica-based screenwriter-producer Larry Leahy and Benjamin Straub to bring his tomes to the big screen.

Pic will be produced by Donald C. Archbold, Paul Myler and Leahy. Benjamin Straub will join the project as co-producer and sales will be handled by exec producer Ted Rosenblatt of PFG Ent.

Erik Canuel (“Cadavers,” “The Outlander”) will helm the project while 3D duties will be handled by veteran 3D stereographer Paul Taylor, the 3D Camera Company and Creative Post.

PFG is pre-selling the pic at AFM.