Naomi Watts to play Princess Diana in biopic

Actress Naomi Watts arrives at a promotion for Jacobs Creek wine at Centennial Park on Feb. 1, 2012, in Sydney, Australia.

/ Lisa Maree Williams/Getty Images

(CBS) British-born Academy Award-nominated actress Naomi Watts will play the late Princess Diana in "Caught in Flight," a controversial love story based on the princess' real-life affair. Jessica Chastain had been previously considered a contender for the role.

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The film's director, Oliver Hirschbiegel, confirmed that Watts will play the "People's Princess," reports Deadline.

"I am delighted to have such a truly exceptional actress who embodies the warmth, humanity and empathy of such a global icon as Princess Diana," said Hirschbiegel of Watts.

"Caught In Flight" revolves around the secret affair of the late princess and heart surgeon, Dr. Hasnat Khan, who was said to be the love her life, reports say.

Watts, who will next be seen starring in "The Impossible" opposite Ewan McGregor said, " 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 challage of playing her on screen."

Production on the film with begin in the U.K. later this year, according to Deadline.