Blanchett reprises royal role

Cate Blanchett will reprise her role as the Virgin Queen in a multi-million dollar sequel to her Oscar-nominated 1998 film Elizabeth.

Elizabeth: The Golden Age will tell the story of the Tudor monarch's tempestuous relationship with Sir Walter Raleigh, suggesting Queen Elizabeth I was infatuated with the adventurer.

British actor Clive Owen has signed to play Sir Walter Raleigh. "These are two stars who are capable of generating some real electricity," a source close to the film told Britain's Daily Telegraph.

"We are talking about two of the most beautiful people to grace the big screen."

The source said Elizabeth's Shekhar Kapur would direct the film. Jeremy Irons is believed to be playing the Earl of Leicester.

Kapur's first Elizabeth film was nominated for seven Oscars, including best picture and best actress for Blanchett.

She has since won an Oscar, taking home best supporting actress this year for her portrayal of Katharine Hepburn in the Martin Scorcese-directed The Aviator.

It is believed shooting Elizabeth: Golden Age will begin in Lithuania later this year with a budget of between A$50 million ($55 million) and A$60 million ($66 million).

- AAP