Naomi Watts as Diana, Princess of Wales, 2012.
/ Ecosse Films/Laurie SparhamThe British-born actress will portray Diana in Ecosse Films' upcoming biopic, simply called "Diana."
Read more: Naomi Watts to play Princess Diana in biopicPreviously titled "Caught in Flight," the movie is being directed by Oliver Hirschbiegel and will star Naveen Andrews, Douglas Hodge and Juliet Stevenson.
The production company released a statement saying the film "charts how finding true personal happiness allowed her to achieve her defining successes, as she evolved into a major international campaigner and humanitarian."
Principal photography started this week. According to BBC News, Watts said from the set, "I'm excited and honored to be playing the role of a truly remarkable woman, who had such a positive and profound impact in so many ways."
The 43-year-old actress is six years older than Diana was when she died.
There's no official release date yet for "Diana," though it's expected out in 2013.
Tell us: What do you think of Naomi Watts as Princess Diana?
I think the Directors are a little goofy thinking they can make this movie conclude that Diana found true personal happiness somewhere along the way. That's a stretch.