Rumor had it that Jessica Chastain was being eyed to nab the part of Princess Diana in a biopic called "Caught in Flight," but the role has gone to Naomi Watts instead.

According to a statement, the "Fair Game" star will portray the late Princess of Wales during the last two years of her life.

"Caught in Flight," a statement says, "charts how finding true personal happiness for the first time allowed her to achieve her defining successes evolving into a major international campaigner and humanitarian."

The film will be directed by Oliver Hirschbiegel, who says in the statement that he's "delighted to have such a truly exceptional actress who embodies the warmth, humanity and empathy of such a global icon as Princess Diana."

Watts, 43, speaks on what "an honor" it is to have landed "an iconic role."

"Princess Diana was loved across the world," Watts said, "and I look forward to rising to the challenge of playing her on screen."

Production on "Caught in Flight" is scheduled to begin in the U.K. later this year.