Rachel Weisz is set to star as Elizabeth Taylor in A Special Relationship, exploring Taylor's journey from actress to activist.
The story will be told through the lens of Taylor's friendship with her assistant Roger Wall.
Based on the screenplay written by Academy Award-winner Simon Beaufoy, the upcoming production will be helmed by the female directing duo Bert&Bertie, said reports.
Taylor won Oscars for Who's Afraid of Virginia Woolf? and Butterfield 8 and was nominated a total of five times. Though famous for her glamorous lifestyle and multiple marriages, she also took a crusading role in the fight against AIDS, which stemmed from her hiring of Walls, a gay man who grew up in poverty in the homophobic Deep South in the mid-1980s.
Weisz won a best-supporting actress Oscar for her turn in 2005's A Constant Gardener and was nominated in the same category earlier this year for The Favourite.
Watch: Rami Malek and Lucy Boynton share a sweet kiss after his win at the Oscars 2019
To avoid plot leaks, three different endings ready for next James Bond film, No Time To Die
Tesla influence on 007? Next James Bond movie likely to feature electric Aston Martin
Oscar-winner Danny Boyle to direct 25th James Bond film with Daniel Craig
Who will be the next James Bond?