Ok, TheShakespearePost scooped me on this one. Julie Taymor, who I'd noticed did her own Tempest a little while back, is looking to do it again. This time with a twist - Helen Mirren to play Prospera, Miranda's mom.
“It goes back to the 16th or 17th century, and women practicing magical arts of alchemy, who were often convicted of witchcraft. In my version, Prospera is usurped by her brother and sent off with her-four-year daughter on a ship. She ends up on an island; it’s a tabula rasa: no society, so the mother figure becomes a father figure to Miranda. You have the power struggle and balance between Caliban and Prospero; it’s not about brawn, but about intellect.”