With two Academy Awards under her belt, Cate Blanchett has turned into arguably the best actress since Meryl Streep started doing films, having worked in projects as wildly different as playing elf Lady Galadriel in "The Lord of the Rings" and "Hobbit" movies all the way to even being Bob Dylan in "I'm Not There" - now, she's taking on a legendary actress on an upcoming Lucille Ball movie.

According to The Guardian, Blanchett has just signed up to star in an upcoming Lucille Ball movie dealing with her life with Desi Arnaz, her husband and "I Love Lucy" co-star, with whom she had a famously rocky relationship.

As USA Today reports, the Lucille Ball movie will be written by Aaron Sorkin, and the biopic will "chronicle Ball's 20-year marriage to Desi Arnaz," prompting many to wonder about the future film, as Sorkin has a reputation for writing bland female characters, which would be a true shame considering the wealth of the character and Blanchett's power as a performer.

Of course, this would hardly be the first time Blanchett plays an iconic Hollywood lady (or a famous redhead legend), as the actress won her first Oscar for playing Katharine Hepburn in Martin Scorsese's "The Aviator" in 2005 - so this could easily be paving the way for Oscar number three.

It was The Wrap who broke the story about the upcoming Lucille Ball movie, which is currently in early pre-production, without an available screenplay as of yet; the film has been authorized by the family estate and Ball and Arnaz's two children, Lucie Arnaz and Desi Jr., will be producing with Escape Artists, while executive Jenna Block will oversee the development of the film.

Sorkin most recently finished writing the critically acclaimed series "The Newsroom," and he's about to release the Steve Jobs biopic "Jobs" starring Michael Fassbender later this year, while Blanchett is currently attached to six different projects being released from 2015 until 2018.

There are no further news about the rest of the cast of the upcoming Lucille Ball movie.