Diana Naomi Watts

Could best friends Nicole Kidman and Naomi Watts end up duking it out Best Actress, with both women taking on biopics of famous faces? It looks to be that way as Kidman's "Grace Of Monaco" will now test its elegance against Watts' "Diana."

The Olivier Hirschbiegel film, penned by Steven Jeffreys ("The Libertine"), will focus on Princess Diana's affair with Dr. Hasnat Kahn (played by "Lost" star Naveen Andrews) that lasted from 1995 until a few months before her death in 1997. It was a tumultuous time for the royal, who was increasingly trying to find ways to avoid the press who dogged her every move, which became a factor in the relationship eventually ending. It's a meaty role, taking on a particularly interesting moment in Diana's life and Entertainment One have snapped up the North American rights, and are planning an Oscar season release.

So, could it be Kidman, Watts and Meryl Streep (for "August: Osage County") as early Best Actress locks? Never say never, but there is still a long, long way to go. [Deadline]