Cate Blanchett will reprise her role as the Virgin Queen in a multi-million dollar sequel to her Oscar-nominated 1998 film Elizabeth.

Elizabeth: The Golden Age, will tell the story of the Tudor monarch's tempestuous relationship with Sir Walter Raleigh, suggesting Queen Elizabeth I was infatuated with the adventurer.

British actor Clive Owen is expected to play Sir Walter. Shooting on the film, tipped to cost about $60 million, will begin later this year.