The historical drama came out in 1998 to widespread critical acclaim and with a strong showing at the box office.
After earning Cate Blanchett an Oscar nomination for Best Actress, along with five other nominations and one win, a sequel is now in the offing.
Writer Michael Hirst and director Shekhar Kapur look like they will return the Virgin Queen to the big screen with "The Golden Age".
Blanchett is set to occupy the thrown once more to tell the story of the middle years of Elizabeth's reign, including the Spanish Armada, and the possibility of an appearance by Mary Queen of Scots.
"It is about the battle between her life as a monarch and her personal life," Kapur has said. "It ends in the destruction of the Spanish Armada on the larger level."
The earliest the film is likely to enter production is December, but heavy commitments elsewhere for many of those involved mean delays are on the cards.
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