Amanda Seyfried will replace Kate McKinnon in ‘The Dropout’.

Amanda Seyfried

Amanda Seyfried

The 35-year-old actress is set to star as Elizabeth Holmes in the Hulu limited series, which she will also produce, after Kate dropped out last month.

‘The Dropout’ tells the story of Theranos founder Elizabeth, who raised hundreds of millions to fund the biotech start-up and became a media darling while hiding the fact that her touted blood-testing machine didn't really work.

The series is based on the ABC News podcast of the same name, which was also the basis of a ‘20/20’ episode.

Elizabeth Meriwether is working as showrunner for the series, whilst Liz Heldens, Liz Hannah, Katherine Pope, podcast host/ABC News' Rebecca Jarvis, Victoria Thompson and Taylor Dunn will executive produce.

‘The Dropout’ was originally set to star Kate McKinnon in the main role, but the ‘Saturday Night Live’ star exited the project last month, which prompted a casting search for her replacement.

Meanwhile, Amanda is in with a chance of bagging an Academy Award this year after she was nominated for Best Supporting Actress for her role in ‘Mank’, but she recently admitted it’s more fun backstage at the ceremony.

She said: “At the Oscars, if I’m giving an award out, I just hang out in the green room the entire ceremony, eat the food and watch people come in and out with their Oscars.

“It’s not the sitting in the auditorium that’s fun, it’s backstage.”

Amanda also opened up about who inspires her as an actress and she said she is a huge fan of the late Judy Garland.

Asked her Hollywood icon, she said: “Judy Garland for ‘The Wizard of Oz’. Judy Garland because she was a singer. Judy Garland for every reason.”