Madonna is co-writing the script with Alek Keshishian (with whom she worked on Truth Or Dare) about centering on the British royal's romance with twice-divorced American Wallis Simpson and his abdication in December 1936 to marry her, causing a massive constitutional crisis throughout the Commonwealth.
George VI, Edward's brother, took over the British monarchy and reinstalled the couple as Duke and Duchess of Windsor six months later.
The film's narrative will be interweaved with the story of a contemporary American woman named Wally (Abbie Cornish) who becomes fascinated by the Windsor love affair after seeing an exhibition of the Duchess's valuables at auction in New York.
Riseborough will take on the role of Simpson, a part that Vera Farmiga was in talks for but had to withdraw from due to her pregnancy. The role requires the 28-year-old actress to play the part from her late 20s through to her late 60s.
Isaac's role is in the modern day scenes where he plays a highly educated security guard who falls in love with the married Wally.
Colin Vaines and David Parfitt are producing the pic.
Filming will begin in July on locations in London, Paris and New York.
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