The film will be set in Depression-era London, 20 years after the original, and will follow storylines from the books by P.L. Travers.
Blunt has been eyed as a favorite since she had starred in Disney's "Into the Woods". She has proven she has the ability for comedy in her films "The Devil Wears Prada" and "Five Year Engagement".
Nothing is set in stone, as far as production, however. Blunt has recently announced her second pregnancy, which could affect the schedule.
