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LONDON — Michael Caton-Jones is set to direct epic fantasy “The Giant Under the Snow,” which is budgeted at £20 million ($30.9 million).

Caton-Jones’ credits include “Scandal” (1989), “Memphis Belle” (1990), “Doc Hollywood” (1991), “This Boy’s Life” (1993), “Rob Roy” (1995), “The Jackal” (1997), “City by the Sea” (2002), “Beyond the Gates” (2005) and “Basic Instinct 2” (2006). His latest film is “Urban Hymn,” which is due for release this year.

“The Giant Under the Snow,” which is based on the children’s novel by John Gordon, will be a live-action film with some CGI. Caton-Jones is developing the screenplay with Tom Williams (“Chalet Girl,” “Kajaki”), with shooting expected to start in October. Pic is looking to secure a theatrical release at Christmas 2016.

The film, which will shoot at Pinewood and Shepperton studios and at U.K. locations, is produced by David Rogers, and Paul Tucker, who was Mel Gibson’s head of European production for 10 years, is an executive producer. Ralph Kamp’s Timeless Films is likely to board as sales agent.

Pic is set one snowy Christmas, when three children find a rusted old relic that contains a terrifying power, plunging them into a dark world of ancient magic and inexorable evil. In a race against time, the children must return the relic to its rightful owner as whoever possesses the relic can wake the legendary giant under the snow and use him as a force for good or evil.