Nicole Kidman is in negotiations to play the title role in Grace of Monaco, a biopic about Grace Kelly's life in the early '60s, according to reports.

The 44-year-old reportedly beat out a bevy of other Hollywood A-listers for the chance to play the Rear Window star, who left the film business in her prime in 1956 to marry Monaco's Prince Rainier. Kelly's storybook romance ended prematurely, however, when she died at the age of 52 in a car accident.

The $15 million movie, from a script by Arash Amel that appeared on the 2011 Black List of the best screenplays not yet in development, will focus on the year between December 1961 and November 1962 when Princess Grace "was called upon to save Monaco from an escalating situation regarding its standing as a tax haven," according to Variety.

Directed by Olivier Dahan, Grace of Monaco could give Kidman a shot at her second Academy Award for Best Actress.

Kidman won her Oscar in 2003 for portraying another real-life legend, Virginia Woolf, in The Hours.

Dahan's 2007 movie La Vie en Rose, a biopic about Edith Piaf, netted a Best Actress Oscar for Marion Cotillard.