Peter Chelsom ("Shall We Dance") has been set to direct the adaptation of the Deborah Moggach novel "Tulip Fever" for London-based Ruby Films. Peter Flannery is rewriting an original adaptation by Tom Stoppard reports Variety.

Set in the 17th century, the Moggach novel concerns a beautiful young woman who marries a wealthy merchant. When an artist arrives to paint her portrait, she's smitten, and they plan for a future together by putting their money into the highly speculative tulip market, in which certain flower bulbs were worth huge sums.

John Madden was ready to direct Jude Law, Keira Knightley and Jim Broadbent in a DreamWorks/Miramax co-production version of it last year in London but when the British government recinded on tax breaks, the cost became too high and production shut down. Chelsom will scale the film down to a $25 million budget, thanks mostly from moving filming to East Europe.

Thanks to 'Mike'.