Tom Cruise's current girlfriend Katie Holmes looks set to replace Jude Law's belle Sienna Miller in the lead role of the new movie "Factory Girl".

While some reports suggest Miller had been dropped from the film, her representatives say she bowed out after landing the role of Celia in a West End production of "As You Like It", reports Sky News.

"It was a scheduling conflict. We love Sienna," said "Factory Girl" co-producer Aaron Richard Golub.

"Factory Girl" is the story of Edie Sedgwick, a 60's girl, who died of a barbiturate overdose in 1971. Sedgwick was rumoured to have had affairs with singers Bob Dylan, Jim Morrison and Mick Jagger. Filming will begin this summer.

Director George Hickenlooper has already met Holmes and describes the 26-year-old as "perfect" to star as the tragic Sedgwick, who died at 28 after several stays in mental hospitals.

"Katie is not too different from Edie, who arrived in New York as young, innocent, looking for excitement," said Hickenlooper.