Summit is going to the circus, acquiring worldwide film and TV rights to Erin Morgenstern’s yet-to-published debut novel “The Night Circus.”

The story’s centered on two young illusionists battling out their fathers’ age-old rivalry amidst an enchanted circus, bound by a fated love, and destined to affect the lives of all around them.

The book will be published by Knopf Doubleday Publishing Group in September 2011. It generated significant notice during last year’s Frankfurt Book Fair.

Project has not been set with a producer. “‘The Night Circus’ sets a spell on the reader from its very first page and we cannot wait to find the right filmmaker and cast to make the world come as inordinately alive as it does in the mind’s eye,” said Erik Feig, Summit’s president of production.

Richard Pine, Morgenstern’s publishing agent, will exec produce. Feig and Jeyun Choi will oversee the project for the studio.