Hollywood actress Reese Witherspoon will star in a remake of the 1939 comedy "Midnight" developed by Universal Pictures and scripted by Michael Arndt, who won the Oscar for "Little Miss Sunshine."

According to him, the film has "long been one of my favorite films, and it is easily one of the best comedies of the '30's. Being given the chance to update the film with Reese in the lead is simply a dream come true," Variety reported.

Witherspoon who just bailed out on the remake of the 1965 Otto Preminger thriller "Bunny Lake Is Missing," will also co-produce "Midnight" through her company Type A Films.

Originally written Billy Wilder and Charles Brackett and directed by Mitchell Leisen, starring Claudette Colbert as Eve Peabody, the film tells the story of a penniless American who poses as Hungarian royalty in order to get into the Parisian elite so she would find a rich man to marry with. Don Ameche played her love interest, and John Barrymore, Drew's grandfather, played a millionaire with a philandering wife.