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It's the iconic role was born to play.
The actress – whose Emily In Paris character often adopts the style of Audrey Hepburn – has been cast as the Hollywood legend in a biopic.
The 36-year-old will play her in a film about the making of the 1961 classic, Breakfast At Tiffany's.
The as-yet-untitled film will be based on Sam Wasson's non-fiction book Fifth Avenue, 5am: Audrey Hepburn, Breakfast At Tiffany's And The Dawn Of The Modern Woman, which chronicles the making of the film.
Announcing the news on Instagram, Ms Collins wrote: 'It's with almost ten years of development and a lifetime of admiration and adoration for Audrey that I'm finally able share this.
'Honoured and ecstatic don't begin to express how I feel.'
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The actress – whose Emily In Paris character (right) often adopts the style of Audrey Hepburn (left, as Holly Golightly in Breakfast at Tiffany's) – has been cast as the Hollywood legend in a biopic
The 36-year-old (pictured, at the Emily in Paris premiere in the French capital in December) will play her in a film about the making of the 1961 classic, Breakfast At Tiffany's
Ms Collins, the daughter of Genesis star Phil Collins, has previously spoken about her admiration for Ms Hepburn.
On several occasions, she has even copied the late actress's style.
In a 2014 newspaper interview, Ms Collins explained how she had always been 'inspired by her films' and named the 1957 movie Funny Face and Sabrina in 1954 as her favourites.
She said at the time: 'In her films, her smile and her eyes said it all.
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'She could convey strong emotions without even opening her mouth.
'For an actress, being able to express something without talking is the most powerful thing you can do.
'And she was so elegant... I've always been rather fascinated by her personality, her character.
'Of course, she's sublime and iconic and I'm very honoured to be compared to her, but I am in no way trying to be the next Audrey Hepburn.
'At any rate, no one can be the next Audrey Hepburn!'
Ms Collins, the daughter of Genesis star Phil Collins, has previously spoken about her admiration for Ms Hepburn (pictured, as Holly Golightly in Breakfast at Tiffany's)
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The screenplay for the biopic is being written by Alena Smith, the creator of the Apple TV+ comedy drama series Dickinson.
Ms Hepburn, who was ranked by the American Film Institute as the third-greatest female screen legend of classical Hollywood cinema, died in 1993 at 63, following a battle with a rare form of appendix cancer.
The daughter of a Dutch noblewoman and a British businessman, she was born in Brussels but moved to Kent as a child.
In 1953 she won an Oscar for her role in Roman Holiday.
In Breakfast At Tiffany's, she played Holly Golightly, a New York woman who becomes interested in a young man new to her apartment building, played by George Peppard, only for her past to threaten to come between them.
The film landed her a nomination for Best Actress at the 1962 Oscars, where it was up for five awards.
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Based on the 1958 novella by Truman Capote, the film was critically acclaimed, making $14million at the box office – the equivalent of $152million today.
It won an Academy Award for best score for Henry Mancini and best song for Moon River, performed by Hepburn.
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