Austin Butler will play Patrick Bateman in director Luca Guadagnino’s new version of Bret Easton Ellis’ American Psycho.

According to Variety, the Oscar-nominated Elvis star will take on the lead role after rumors suggested Euphoria’s Jacob Elordi would star.

Guadagnino, whose films include “Call Me by Your Name” and this year’s tennis drama “Challengers,” will not remake Mary Harron’s acclaimed 2000 adaptation but will instead create a new interpretation. The screenplay is by Scott Z Burns, whose credits include the Steven Soderbergh films Contagion, Side Effects and The Informant.

The book is about a narcissistic investment banker who is also a serial killer of women. The role was previously played by Christian Bale and more recently by Matt Smith in a stage musical.

Guadagnino is currently on the press and awards circuit for his adaptation of William S. Burroughs’ novella Queer, starring Daniel Craig. His college thriller After the Hunt, starring Julia Roberts and Andrew Garfield, will be released next year. He is also attached to direct an adaptation of Pier Vittorio Tondelli’s 1989 novel Separate Rooms, starring Josh O’Connor and Léa Seydoux.

Earlier this month, Challengers received four Golden Globe nominations.

Butler received an Oscar nomination for his role as Elvis Presley in Baz Luhrmann’s 2022 biopic and appeared in both Dune: Part Two and The Bikeriders this year.

He will next be seen in Ari Aster’s western comedy “Eddington” opposite Joaquin Phoenix and Emma Stone, and Darren Aronofsky’s ’90s-set crime thriller “Caught Stealing” opposite Zoë Kravitz. According to rumors, he will also play a role in the sequel to Michael Mann’s “Heat”.