The series will use CGI and dramatic reconstruction to explore England's defeat of the Spanish Armada in 1588, reported BBC online.
The 65-year-old described Elizabeth as "a gift of a role, and one I've always hoped I'd get the opportunity to play".
"Playing a queen was one of the most enjoyable times I've had," she added.
Dobson, who famously played Queen Vic landlady Angie Watts from 1985 to 1988, will be seen with a pockmarked face and rotten teeth as the "ageing and vulnerable" Elizabeth.
Dobson is married to Queen musician Brian May and had a guest role on Radio 4's 'The Archers' last year.
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