Naomi Watts as Princess Diana

Australian actress Naomi Watts will be portraying Princess Diana in Ecosse Films' "Caught in Flight."

The Academy Award nominee stated, "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."

43-year old Watts will portray the Princess of Wales as both humanitarian and campaigner in the last two years of the late Princess' life.

Watts is also set to star alongside Ewan McGregor in the film "The Impossible."

"Caught in Flight" is scheduled to be released next year.

SOURCES: MSNBC; Image