Austin Butler will star in Luca Guadagnino‘s new interpretation of the book American Psycho by Bret Easton Ellis for Lionsgate.

While there had been rumors that Jacob Elordi was being eyed to play Patrick Bateman, that casting didn’t materialize.

Elordi and Butler have something in common, having both played very different versions of Elvis in movies by Sofia Coppola (“Priscilla”) and Baz Luhrmann (“Elvis”), respectively.

The film, based on script by Scott Z. Burns, will not be a remake of the 2000 film, but new adaptation of Ellis novel.

In the original movie, which came out in 2000 and is set in the 1980s, Christian Bale stars as Patrick Bateman, a Wall Street yuppie and serial killer.

Under the lens of Guadagnino, who’s best known for “Call Me By Your Name,” “Challengers” and most recently “Queer,” the new take on the book would have greater erotic emphasis than the original horror satire. Guadagnino has also dabbed into genre in “Suspiria” and “Bones and All.”

While Butler is attached to play the lead role in the movie, Guadagnino woul interpret the Patrick Bateman character in different way than its previous incarnation.

His previous two movies “Queer” and “Challengers” are each expected to get some Oscar nominations in various categories next month.