Cate Blanchett must like novelist Patricia Highsmith, as she’s already starred in an adaptation of the author’s The Talented Mr. Ripley and now she’s taking on another of her books, as she and Mia Wasikowska are set to star in a new take Highsmith’s novel Carol (aka The Price of Salt).

Directed by BAFTA winning John Crowley (Intermission, Boy A), with Lesbian playwright Phyllis Nagy (Mrs Harris) on scripting duties, Carol is a love story about pursuit, betrayal and passion that follows the burgeoning relationship between two very different women in 1950s New York. One, a girl in her 20s working in a department store who dreams of a more fulfilling life, and the other, a wife trapped in a loveless, moneyed marriage desperate to break free but fearful of losing her daughter in the process. When the book was published in 1952 it was one of the first to show lesbian relationships as more than just short-term flings, and something that can engender deep feelings.

The film is currently looking for international sales at this year’s Cannes Film Festival, with filming set to start in February 2013 in London and New York.

Producer Elizabeth Karlsen and Stephen Woolley commented, “We are thrilled to be working with Cate Blanchett and Mia Wasikowska, two of the most talented actors working today, in this striking adaptation of one of the 20th century’s most iconic writers, Patricia Highsmith. To be re-united with highly talented individuals, director John Crowley and writer Phylis Nagy is a testament to the quality of the project. We are delighted to have such a gifted team on board.”