The "Little Fish" star is about to give her royal assent to a movie sequel.
The 36-year-old Australian actress will play the Virgin Queen in The Golden Age, reprising her role in the 1998 "Elizabeth".
According to her agent, Robyn Gardiner, Cate Blanchett was in advanced negotiations for the role.
"The Golden Age", which is to be directed by Shekhar Kapur, will begin production next April.
The movie will reunite Cate Blanchett (Elizabeth I), Hugh Dancy (Earl of Essex), Jeremy Irons (Earl of Leicester), Clive Owen (Sir Walter Raleigh) and Geoffrey Rush (Sir Francis Walsingham).
Meanwhile, Blanchett, who will next be seen in "Babel" (opposite Brad Pitt), has signed on to play in "I'm Not There: Suppositions on a Film Concerning Dylan", "The Good German" (alongside George Clooney) and "Benjamin Button" (co-starrring with Brad Pitt again).