Netflix and Sony Pictures Television are in negotiations for what could be the streamer's next big original series: "The Crown," a drama following the life of Queen Elizabeth II, sources have confirmed.

The 20-plus-hour series will have a projected budget of around £100 million -- or nearly $170 million -- according to a report in The Daily Mail, which first reported the talks. Netflix would likely break it into two seasons, as it did with the first 26 episodes of "House of Cards" from Media Rights Capital.

Reps for Netflix and SPT declined to comment.

"The Crown" is being written by Peter Morgan, whose screenwriting credits including "The Queen," "Frost/Nixon," "Rush" and "The Last King of Scotland." Series is being produced by SPT and Left Bank Pictures CEO Andy Harries, who produced Miramax's "The Queen" starring Hellen Mirren. Director Stephen Daldry, who helmed Morgan's stage play "The Audience" (and also starred Mirren as the queen), is attached to the project.

At least three actresses will portray Queen Elizabeth II in the epic drama, spanning her 60-plus reign, according to the Daily Mail. The BBC and ITV were negotiating rights to "The Crown" before Netflix stepped in to take the lead, according to the paper.

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