(CBS)

(CBS) Naomi Watts says it's an "honor" to play the late Princess Diana in "Caught in Flight," a movie about the royal's final two years.

Read More: Naomi Watts to play Princess Diana in biopic

" It is such 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 challage of playing her on screen," said the 43-year-old actress, according to Deadline.

This is not the first time Watts, an Australian actress, has played a person from real life. She played outed CIA operative Valerie Plame in "Fair Game" and J. Edgar Hoover's secretary, Helen Gandy, in "J.Edgar."

Watts, who was born in Britain but emigrated to Australia in her teens, will start work on the Britain-based production later this year.

She is currently filming "The Grandmothers" in Australia with actress Robin Wright.