Elizabeth Banks is set to star as Ms. Frizzle in an upcoming live-action adaptation of the iconic children’s series “The Magic School Bus.” The project, which celebrates the 40th anniversary of the original book series by Joanna Cole and illustrator Bruce Degen, is being developed by Legendary Entertainment and Scholastic Entertainment.

Banks, an Emmy-nominated actress originally from Pittsfield, Massachusetts, will also serve as a producer on the film. The character of Ms. Frizzle, a beloved and quirky schoolteacher known for guiding her students on extraordinary educational journeys aboard a magical school bus, was famously voiced by Lily Tomlin in the 1990s PBS animated series. Tomlin reprised the role in Netflix’s recent follow-up, “The Magic School Bus Rides Again,” where Kate McKinnon portrayed Ms. Frizzle’s younger sister, Fiona.

Rob Letterman, director of the 2019 film “Detective Pikachu,” is attached to direct and write the film’s treatment. Details regarding the supporting cast have not been disclosed, nor has there been confirmation about the inclusion of the original theme song by Little Richard, which remains closely associated with the franchise.

This role adds to Banks’s expanding slate of work in film and television. Earlier this year, she starred alongside John C. Reilly in the science fiction movie “DreamQuil,” which premiered at the South by Southwest (SXSW) festival. On television, she recently appeared in the romantic comedy series “The Miniature Wife” on Peacock, opposite Matthew Macfadyen, and was featured in Prime Video’s “The Better Sister” with Jessica Biel. The latter earned critical recognition, with TV critic Chris Vognar characterizing it as “high-grade pulp.”

In addition to her role as Ms. Frizzle, Banks is attached to executive produce and star in a limited series for Prime Video centered on the trial of Karen Read. Banks will portray Read, though further casting information for the series has not been released.

The live-action adaptation of “The Magic School Bus” is among several high-profile projects that underscore Banks’s versatility as both an actress and producer, continuing her presence in both cinematic and streaming platforms.