Deadline reported Monday that Weisz, 49, will portray Taylor in A Special Relationship, a new film from female directing duo Bert & Bertie (Troop Zero).
Slumdog Millionaire writer Simon Beaufoy penned the screenplay, which explores Taylor's role as an activist in the fight against HIV/AIDS. The script draws on hours of interviews with those close to Taylor.
A Special Relationship is told through the lens of Taylor's friendship with her assistant Roger Wall, a gay man who grew up in poverty in the Deep South. Taylor and Wall developed a close friendship, despite their different backgrounds.
Iain Canning and Emile Sherman of See-Saw Films will produce the film, with Simon Gillis and Danny Perkins to executive produce with Barbara Berkowitz and Tim Mendelson, trustees of Taylor's estate.
"Audiences are clearly fascinated by the private lives of iconic Hollywood stars," Canning and Sherman said in a statement. "There is no one more iconic than Elizabeth Taylor, and Simon Beaufoy has written a role that shines a light on Elizabeth's humor and humanity which will be beautifully brought to life through the extraordinary talents of Rachel Weisz."
A Special Relationship is a celebration of how friendships can change people's lives, and how Elizabeth helped changed the world," the pair added.
Taylor died at age 79 in March 2011.
Weisz most recently starred in the 2018 film The Favourite, which was nominated for 10 Academy Awards. She will have a role in the Black Widow solo movie starring Scarlett Johansson.