Naomi Watts and Lady Di. (Lisa Maree Williams/Getty; Jamal A. Wilson/AFP)

The British-Australian actress will star in the Oliver Hirschbiegel directed biopic, which will focus on the last two years of Diana’s life and her relationship with surgeon Hasnat Khan, the BBC reports.

“It is such an honor to be able to play this iconic role — Princess Diana was loved across the world and I look forward to rising to the challenge of playing her on screen,” Watts said in a statement.

Oscar nominee Jessica Chastian was once rumored to be the frontrunner for the role. But it seems she is tied up with a few other projects, including Kathryn Bigelow's next film.

What do you think about Watts as Diana? The resemblance is certainly there. Tell us in the comments.