Penelope Cruz, Not Lady Gaga, to Play Donatella Versace in 'American Crime Story'

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Penelope Cruz attends the Burberry show during the London Fashion Week February 2017 collections on February 20, 2017, in London, England.

Penelope Cruz is headed to television to play fashion designer Donatella Versace in the third installment of American Crime Story on FX.

The Academy Award-winning actress will star in the 10-episode series focused on the 1997 slaying of Versace's brother, Gianni. Donatella Versace took over the famed fashion house after her brother was killed.

Co-executive produced by Ryan Murphy, the Versace story is expected to air in early 2018.

Cruz won a supporting actress Oscar in 2009 for Vicky Cristina Barcelona, directed by Woody Allen. She has appeared in numerous other films including the blockbuster Pirates of the Caribbean: On Stranger Tides with Johnny Depp.

Early reports suggested Lady Gaga would take on the role, but Murphy told Variety in January that it was too much of a time commitment for the in-demand pop star. "She's a friend. But she’s very busy this next year -- she's doing Super Bowl and then she's doing A Star Is Born and I believe that she’s going on tour. And when you're going to do a show like Versace, it's a five-month commitment, it's a very big show, we're shooting it all over the world. So I just don’t think with her schedule, I knew that it would never had worked. But I would love to work with her on something in the future."

--Additional reporting by Billboard