"Fifty Shades of Grey" movie adaptation; Felicity Jones rumored to star as lead; Sam Taylor-Johnson is officially confirmed as director [UDPATED]

One of the most highly-anticipated movie adaptations yet to begin production and development is the adaptation of the popular novel FIFTY SHADES OF GREY

Now the project moves forward as a director has been named;  Sam Taylor-Johnson has been chosen to helm this movie. Felicity Jones has also been attached to star as the female lead character, but this has yet to be confirmed and finalized.
UPDATE: The release date has been announced: This movie is set for an August 1, 2014 release date [updated 6-29-13]. [read the rest of the news after the jump]