Oscar winner Naomi Watts has signed to play British icon Princess Diana in film director Oliver Hirschbiegel's 'Caught In Flight.'

Watts told The Hollywood Reporter it is "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."

Hirschbiegel said Watts has enough in her acting armory to embody "the warmth, humanity and empathy of such a global icon as Princess Diana."

The project is expected to begin production later this year. 

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