Ewan McGregor has reportedly signed up to star in Madonna's new film 'W.E.'.

The Scottish actor has joined the cast of the upcoming project - which will be the pop star's first project as a writer and director since critically panned 2008 comedy 'Filth and Wisdom' - and will portray British monarch King Edward VIII in the movie.

Website ScreenDaily.com reports: "McGregor, currently starring in Roman Polanski's 'The Ghost Writer', will portray the British monarch who famously abdicated the throne in 1936 order to marry American divorcee Wallis Simpson."

The 38-year-old actor will star alongside Oscar-nominated actress Vera Farmiga - who will portray his screen lover Wallis - and Abbie Cornish, who will play a modern day character in the period movie.

Abbie recently praised the '4 Minutes' singer for the historical knowledge she has injected into the storyline.

She explained: "She's studied every aspect of what happened with Wallis Simpson and Edward VIII.

"It's a fascinating insight into class and romance. Madonna's created a contemporary woman - who I will play - called Wally, who is fascinated by what happened to Mrs. Simpson."

'Shakespeare In Love' producer David Parfitt is working on the project with former Miramax executive Colin Vaines, while Madonna is working on the script with Alek Keshishian.

'W.E.' is still in pre-production and has no release date.