The Lord Of The Rings film series is one of the highest-grossing movies in history, raking in an estimated $2.8 billion worldwide.

And Amazon's TV edition of the award-winning trilogy is set to follow suit as the hotly-anticipated show will become the most expensive series of all time, according to The Hollywood Reporter. 

The series - which is expected to cost $1 billion - has knocked rival business Netflix's hit show The Crown off the top position, which was created with a whopping budget of £100 million, wrote dailymail.co.uk.

The Tolkien estate, HarperCollins and New Line Cinema defeated Netflix in a $250 million rights deal, based on the terms to create five seasons.

In addition to the strict agreement, the show must be in production within two years

The upcoming story is set before the events in the first of the three LOTR novels, The Fellowship Of The Ring. 

According to Entertainment Weekly, the well-known war to destroy the prestigious One Ring - chronicled in director Peter Jackson’s Oscar-winning trilogy - will not to be presented in the upcoming TV edition.

During the announcement last year, Matt Galsor, a representative for the Tolkien Estate And Trust and publisher HarperCollins, said: 'We are delighted that Amazon, with its longstanding commitment to literature, is the home of the first-ever multi-season television series for The Lord Of The Rings.'

'The team at Amazon Studios have exceptional ideas to bring to the screen previously unexplored stories based on J.R.R. Tolkien’s original writings.' 

The final film, Lord Of The Rings: The King Returns picked up 11 Oscars, winning in all the categories it was nominated for including Best Picture. 

Despite the defeat, Netflix's historical drama recently scooped three nominations at the forthcoming 2018 British Academy Television Awards, which will be held on May 13.

Claire Foy has been named in the category for Leading Actress for the second consecutive for her portrayal of Queen Elizabeth II.