Naomi Watts playing Princess Diana in biopic 'Caught in Flight'

Oscar nominee Naomi Watts has signed on to play Princess Diana in a movie about the final years of her life.

The film, called "Caught in Flight," is set to begin production later this year. It follows Diana during the last two years of her life, a time when, according to the producers, "finding true personal happiness for the first time allowed her to achieve her defining successes evolving into a major international campaigner and humanitarian."

Oliver Hirschbiegel ("Downfall," "The Invasion") will direct, and Stephen Jeffreys ("The Libertine") wrote the script.

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

Watts, whose other recent credits include "Fair Game" and "Dream House," will next be seen in "The Impossible" and the sketch-comedy film "Movie 43."

What do you think of the casting?