Dakota Fanning to play young Princess Margaret

Dakota Fanning will play Britain's Princess Margaret in an upcoming film.

The 16-year-old actress will star as the young princess in 'Girls' Night Out' which tells the story of Margaret and her older sister Elizabeth, who are allowed out of Buckingham Palace for one night to celebrate the end of World War II in Europe.

Directed by Michael Hoffman, the movie will be based on true events as chronicled by writer Trevor De Silva.

Although the 'Twilight' star is on board, the actress who will play Elizabeth - the reigning British monarch - is to be announced shortly.

The film will be the second one by Michael to be unveiled at Berlin's European Film Market, joining 'Gambit' starring Colin Firth and Cameron Diaz.

Princesses Margaret and Elizabeth - the two daughters of King George VI of whom the Academy Award nominated 'The King's Speech' is based on - were icons for young ladies in their youth.

Dakota recently took a starring turn in 'The Runaways' with Kristen Stewart and is currently filming the role of Jane in the final 'Twilight' movie 'Breaking Dawn'.