Toymaker Mattel and movie studio Warner Bros announced they were partnering to make the film, which will star the Oscar-nominated actress.
The move came after Frida Kahlo's family sued US toy giant Mattel for using the painter's image without their authorisation and altering her famous characteristics.
The closure of Toys "R" Us after 70 years of dominating the US market leaves a void for toy lovers and makers alike.
A deal would create a toy powerhouse, uniting Hasbro’s My Little Pony, Monopoly and Nerf brands with Mattel’s Barbie dolls and Hot Wheels toys.
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