Cate Blanchett and Mia Wasikowska are set to star together in the upcoming romantic drama "Carol."

Set in 1950s New York, the film will trace the lives of two very different women -- a twenty-something department store employee (Wasikowska) and a wife and mother (Blanchett) who feels trapped in a loveless marriage -- whose circumstances ultimately bring them together. 

"Carol" is based on the novella "The Price of Salt" by Patricia Highsmith, whose work has been adapted for the big screen in such noted suspense films as Alfred Hitchcock's "Strangers on a Train" and, later "The Talented Mr Ripley," starring Matt Damon and Gwyneth Paltrow. Originally published in 1952 under the pseudonym Claire Morgan, the controversial "Salt" broke new ground in dealing with lesbian themes. 

John Crowley ("Intermission") will direct "Carol" with Phyllis Nagy ("Mrs Harris") adapting. Number 9 Films and Film4 will produce. 

"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 twentieth century's most iconic writers, Patricia Highsmith," said Number 9 Films' Elizabeth Karlsen and Stephen Woolley in a statement. "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."

"'Carol' is a beautiful and heart-breaking story and it's a testament to the talents of Phyllis and John that we've attracted actresses of Cate and Mia's calibre to star at the heart of it," added Film4's Tessa Ross. "We are delighted to be working with Liz and Stephen at Number 9 to help put together what promises to be a truly wonderful film."

Meanwhile, Blanchett will reprise her role as Galadriel in Peter Jackson's two-part "Lord of the Rings" prequel, "The Hobbit." She is also starring with Christian Bale in "Knight of Cups" and "Lawless" (which will probably get a different title), the two upcoming Terrence Malick films which will shoot back-to-back this summer.

Wasikowska is currently starring in John Hillcoat's unrelated "Lawless," which premiered in Cannes this week. She previously starred in Tim Burton's "Alice in Wonderland."