The series will be written by Peter Morgan, who wrote the Oscar-winning film The Queen, featuring Helen Mirren. It will reportedly feature 20 hour-long episodes, taking viewers from the moment she heard of the death of her father, George VI, to the modern day.
The first few episodes – which called The Crown – will be directed by Stephen Daldry, who directed the Morgan-scripted play The Audience, also featuring Mirren.
Casting is on-going, although it's clear the series will need several actresses to play Elizabeth over six decades.
According to sources quoted in the Daily Mail, the BBC and ITV were both involved in a bidding war for the rights.
The show will be made by independent production company Left Bank Pictures, owned by Sony Pictures Televison.
Despite widespread reports, Netflix hasn't offically confirmed the series yet and hasn't responded to our request for comment. Left Bank said it couldn't comment on the project.