Dakota Fanning (The Runaways) has signed on to star in period drama Girls’ Night Out.

Fanning is set to play a teenage Princess Margaret.

Girls’ Night Out was penned by Trevor De Silva and will follow a teenage Princess Margaret on V.E. Day in 1945 when she and her sister Elizabeth are allowed out from Buckingham Palace for one night to join in the celebrations, and the encompassing night’s thrills, romance and danger.

Michael Hoffman (The Last Station), who is gearing up to shoot the Coen Brothers-penned remake of Gambit with Colin Firth (The King’s Speech) and Cameron Diaz (The Green Hornet), is attached to direct.

Production is expected to begin in late 2011.

Source: The Playlist