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Lily Collins to Play Polly Pocket in Live-Action Movie Directed by Lena Dunham

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Polly Pocket is being brought to life on the big screen.

Lily Collins will play the beloved children's character in a new movie written and directed by Girls creator Lena Dunham.

The 32-year-old Emily in Paris star - who is also producing the film - confirmed the news on Instagram Thursday, writing that she was "obsessed" with the pocket-sized dolls as a child.

"It's a real dream come true to announce this project!" she added, promising that the film will "reintroduce Polly to the world in a fun, modern way… bringing these tiny toys to the big screen. Truly so excited to be coming on as both a producer and Polly herself! Can't wait to dive into this pastel world…"

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In a statement to Variety, Dunham said: "Polly Pocket was responsible for countless hours of childhood escapism for me - Polly gave me a tiny world of magic and autonomy to narrate, so it's pretty poetic to be tackling these same ideas now as a director collaborating with the brilliant Lily Collins, Robbie Brenner, Mattel and MGM.

"I'm so thrilled to bring to bear both my love of this historic property and also my deep-seated belief that young women need smart playful films that speak to them without condescension."

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Mattel - the company behind countless beloved toys, including Polly Pocket - has several other film projects in development, centering on American Girl, Barbie, Barney, and Hot Wheels.

Little Women's Greta Gerwig and Once Upon a Time...in Hollywood's Margot Robbie will be teaming up to bring Barbie to life.

RELATED VIDEO: Mattel Launches Gender-Neutral Dolls Allowing 'All Kids to Express Themselves Freely'

RELATED: Margot Robbie Says Her 'Aspirational' Barbie Movie Will Put 'Some Positivity Out in the World'

Robbie has previously said her film will upend expectations. Speaking to The Hollywood Reporter in December, the Oscar nominee explained why she took on the role and how the comedy will surprise people.

"We like the things that feel a little left off center," Robbie, 30, said of her producing company LuckyChap, which she runs alongside husband Tom Ackerley, 30, and their longtime pal Josey McNamara, 35. "Something like Barbie where the IP, the name itself, people immediately have an idea of, 'Oh, Margot is playing Barbie, I know what that is,' but our goal is to be like, 'Whatever you're thinking, we're going to give you something totally different - the thing you didn't know you wanted.'"