Austin Butler will star in Luca Guadagnino’s reimagining of Bret Easton Ellis’ book American Psycho for Lionsgate.

Although there were rumors that Jacob Elordi was considered for the role of Patrick Bateman, the casting did not materialize. Elordi and Butler have something in common, having both played very different versions of Elvis in films directed by Sofia Coppola (“Priscilla”) and Baz Luhrmann (“Elvis”).

The film, written by Scott Z. Burns (“The Laundromat”), will not be a remake of the 2000 film, but a new adaptation of Ellis’ novel.

In the original film, released in 2000 and set in the 1980s, Christian Bale plays Patrick Bateman, a Wall Street yuppie and serial killer. Under the lens of Guadagnino, best known for “Call Me by Your Name,” “Challengers” and most recently “Queer,” the new version of the book may have a greater erotic focus than the original horror satire. Guadagnino also explored the genre in “Suspiria” and “Bones and All.” While Butler is set to star in the film, Guadagnino might have interpreted Patrick Bateman’s character very differently than in his previous incarnation.

Guadagnino just finished filming “After the Hunt,” starring Julia Roberts and Andrew Garfield. His previous two films, “Queer” and “Challengers,” landed Golden Globes nominations. Daniel Craig (“Queer”) was nominated for best actor, while Zendaya is competing for best actress in “Challengers,” which is also nominated for motion picture (musical or comedy) and music.