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, reports variety.com.

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".