The comedy drama, which will be shown on the channel this Christmas, is based on the book published by Sue Townsend in the 1990s.
The story sees the British government ordering the Queen to abdicate, resulting in Elizabeth and Philip being forced to go and live on a council estate in the Midlands.
The book's blurb explains: "When a republican party wins the General Election, their first act in power is to strip the royal family of their assets and titles and send them to live on a housing estate in the Midlands.
"Exchanging Buckingham Palace for a two-bedroomed semi in Hell Close (as the locals dub it), caviar for boiled eggs, and servants for a social worker named Trish, the Queen and her family learn what it means to be poor among the great unwashed. But is their breeding sufficient to allow them to rise above their changed circumstance or deep down are they really just like everyone else?"
Samantha Bond will play the Queen, with Walliams as Prime Minister Jack Barker. Walliams, who acts as executive producer on the project, revealed the news on Twitter, posting a picture of him holding the script:
I am filming 'The Queen & I' for @SkyOne It's an adaptation of the late great Sue Townsend's comic novel about the royal family being sent to live on a council estate. I play the Prime Minister. pic.twitter.com/eUHJCAn1fx-- David Walliams (@davidwalliams) September 20, 2018
Managing Director Jo Sargent says: "The Queen And I is a truly unique, feature-length adaptation of the late Sue Townsend's original novel and we at King Bert are so proud to be bringing her incredible work to the screen. Our wonderful cast, led by Samantha Bond and our very own David Walliams bring the storyline to life in the way that only they can. We're delighted to be working with Sky One, which is such a natural home for comedy of the highest quality, and I can't wait for viewers to see the show when it airs later this year/next year."
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