She scored an Oscar nomination last year and chance to land another seems bright if the project is indeed happening and takes her in as well.
According to British tabloid The Sun, movie producer Quentin Reynolds is being involved in a bidding war for the rights to turn controversial book "Diana and the Paparazzi" to a big screen feature and is keen to have Keira Knightley portrayed the late Princess of Wales.
The book, written by photographers Glenn Harvey and Mark Saunders, contains the most exclusive pictures of Princess Diana they have taken along with the extraordinary stories behind them. It also tells about the tenuous relationship the duo had with the Princess as they were often confronted by her while also being manipulated to protect her public image.
Industry magnates were vying to seal a deal at last week's Cannes Film Festival with a hope that the project will follow the huge success of "The Queen" in gaining millions on the box office as well as widespread critical acclaim.
Knightley, a native of Teddington, Middlesex, began her acting career as a child actress to then receive international recognition through her 2003 vehicle "Bend It Like Beckham." She currently can be seen on the big screen reprising her role as Elizabeth Swann in "Pirates of the Caribbean: At Worlds End" which has already broken the Memorial Day weekend record of "X-Men: The Last Stand" with an estimated domestic gross of $142 million.