The former Neighbours star will play Mary Queen of Scots in the CW teen drama, Deadline reports.
Reign will depict Mary as a 15-year-old who must combat dangerous foes and dark forces within the French court.
Director Brad Silberling (Lemony Snicket's A Series of Unfortunate Events) will helm the pilot, which is being pitched as Game of Thrones meets Marie Antoinette.
Australian actress Kane made her screen debut as Lolly Allen in the soap Neighbours in 2007 and later starred in Power Rangers RPM.
In addition to her Reign role, the 22-year-old star will also appear in the upcoming third season of MTV's Teen Wolf.
Other pilots under consideration for a series pick-up at The CW this season include Vampire Diaries spinoff The Originals and a remake of UK sci-fi classic The Tomorrow People.
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