The 27-year-old British actress seems to have a fondness for book adaptations. She started her career with 'Pride & Prejudice' while her breakout performance in 'An Education' was also based on the memoirs of British journalist Lynn Barber.
'Far From Madding Crowd', Hardy's fourth novel, revolves around tempestuous Bathsheba Everdene and her three suitors.
Danish director Thomas Vinterberg, whose 'The Hunt' was in the Cannes competition last year, will make his English-language helming debut with the movie.
They'll play Bathsheba and Gabriel Oak.
A previous film version was directed by John Schlesinger in 1967 and starred Julie Christie, Terence Stamp, Peter Finch and Alan Bates (as Oak).
Mulligan starer 'The Great Gatsby' opened the Cannes film festival this year.